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The standard home buying process follows this formula: you find the right property, you go under contract to buy it, you get approved for a mortgage loan, the lender lends you enough money to buy the home, you sign papers, and you move into your new house. Since you were not able to pay for the property outright though, who technically “owns” the home, you or your mortgage lender? Your name will go on the title and the deed of the house. With this document there are three parties involved: you, the borrower, are the trustor, the trustee is the company or group that holds onto the title (typically the title company), and the beneficiary is your mortgage lender. If you do not make your mortgage payments according to your loan agreement, your lender as an interested party, can start foreclosure proceedings on your home.

When it's time for mortgage renewal, many homeowners simply sign the renewal offer from their current lender without considering their options.  Here are 7 tips for negotiating better terms at mortgage renewal: 1. Start Early and ResearchThe early bird gets the worm, or in this case, potentially better mortgage terms. Sometimes a slightly higher rate with better terms can save you more in the long run. If you've found better terms elsewhere, present them to your current lender and see if they can match or better the offer.