Here is the very latest mortgage term review, updated to reflect notable rate developments of the past 6 weeks.
Thank you again for a great review. I have always wondered what should someone do if they are recently unemployed and between jobs but are up for mortgage renewal?
Appreciate the kind feedback. If I were unemployed, I’d probably just renew with my lender (this assumes I’m not under financial hardship).
Often it’s helpful to choose a short term (perhaps even an open term). That lets you apply for a better product (or get a better rate) once you’re off probation at your new job.
That said, it depends on interest rates, what my current lender is offering, what my prospective job situation is, etc…
I’d also do some rate comparisons and try and negotiate a lower rate with my current lender on renewal.
Lots of different options out there. It becomes hard to chose the right one. That’s why it is becoming more important to meet with a mortgage specialist to help you take the right decision.
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