Guaranti Group mortgage broker Melanie Zhang explains why a renewal offer is worth reviewing beyond the headline rate, including term length, contract conditions and potential switching costs.
A renewal letter presents one option, not necessarily every option available to your household. Before signing, compare the quoted rate and term, and check whether conditions such as prepayment rules still fit your plans.
If you are considering another lender, include any applicable switching costs and requirements in the overall comparison. Looking at these items together can give you a clearer view of the total cost before you decide.
Melanie speaks Mandarin in this Short, with Simplified Chinese and English subtitles. Actual mortgage terms depend on lender approval and the final agreement.
Originally published on Guaranti’s YouTube channel.