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Can I lower my mortgage payments when renewing my loan?

Published on June 03, 2020 by Micheline Di Barrat

The answer to that question is yes… and no. Your personal situation may require you to adjust your monthly payments, if only because of the ever increasing cost of life. Therefore, you may, at some point, need to lower your payments. However, your current lender will not offer you to lower your payments. Instead, your financial institution will most likely suggest you renew your mortgage for the number of months left on your amortization period. You will probably be offered the posted interest rate, which is rarely the best offer a lender can make. In the end, you will, most likely, pay too much for your loan. At Multi-prêts Hypothèques MR, we will take the time to analyze the options available for you before you renew your mortgage. Together, we will determine which mortgage situation is best suited to your financial needs. In this case, YES, we will be able to negotiate for you a loan with lower monthly payments while allowing you to increase those payments when your situation allows you to. This way, you will save thousands of dollars in interests. Do not hesitate to contact us to inform you and make the best decision.

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