10 Things to Consider Before your Mortgage Renews – # 5 & 6
January 21, 2010
Number 5 – Will you sell soon?
If you are likely to sell soon, consider a shorter-term mortgage or one that has flexible terms so you’re not penalized if you sell your house before the mortgage comes due.
Number 6 – Are you thinking about a major renovation?
You know that projects such as a new kitchen or an addition can make your home more valuable. But the cost of having the work done can tie up a lot of money. Before you renew, look at all your financing options, which may include getting an additional line of credit or keeping your monthly mortgage payments low so you have money on hand to finance the renos.