During this time of the year when people are setting new goals and making fresh starts, it’s important to understand how to manage mortgage renewals in 2024. This knowledge is crucial for maintaining financial stability throughout the year. To help homeowners with this process, here are three practical steps. These steps can be implemented to handle the mortgage renewal process skillfully and establish a strong foundation for a financially successful year.
The current landscape of mortgages is dynamic and ever-changing. This means, seeking advice from seasoned professionals becomes paramount when it comes to making informed decisions. At the Peggy Hill Team, we understand the significance of this financial milestone. This means we are dedicated to providing you with personalized insights and guidance to ensure you make the right choices. Whether you’re approaching your 2024 mortgage renewal or have any other real estate needs, our team is here to assist you every step of the way.
Click here to get a free home evaluation. By knowing your home’s true value gives you a better understanding on where you are at and take a decision from there.
Anticipated decrease in interest rates
Homeowners can look forward to a promising development in 2024 as interest rates are expected to decrease. This will benefit both fixed and variable rate mortgages. This is particularly good news for those who have grappled with rising rates for the past year and a half. Individuals facing mortgage renewals in 2024 can expect a positive impact on their financial outlook. With lower interest rates on the horizon, homeowners have an opportunity to potentially reduce monthly mortgage payments and explore more flexible mortgage terms. The Peggy Hill Team is here to provide expert guidance and support as you navigate this evolving mortgage landscape, ensuring your financial well-being and success as a homeowner.
Timing matters
Waiting until the last minute to renew your mortgage is advisable due to ongoing decrease in interest rates throughout 2024. While it’s essential to initiate discussions with your mortgage provider early, committing too soon may lead to missed opportunities for more favorable rates. Stay vigilant about market trends and be ready to act when the time is right, ensuring that you secure the most advantageous terms for your renewed mortgage.
Choosing the right mortgage for your family
Selecting the appropriate mortgage product for your family is crucial. In 2022, many consumers opted for adjustable or variable rate mortgages due to their attractively low rates. In 2023, short-term fixed-rate mortgages, such as three-year fixed rates, gained popularity. Looking ahead to 2024, the five-year fixed rate is expected to be an appealing option. However, it’s crucial to evaluate your family’s long-term plans and ask yourself if committing to a five-year term aligns with your housing goals. Keep in mind that penalties may apply if you decide to make changes before the term expires.
Questions? Call us today at 705.739.4455 for expert advice and a free home equity evaluation. The Peggy Hill Team is here to guide you.