MORTGAGE RENEWAL

WHILE MOST CANADIANS SPEND A LOT OF TIME AND EXPEND A LOT OF EFFORT IN SHOPPING FOR AN INITIAL MORTGAGE, THE SAME IS GENERALLY NOT THE CASE WHEN LOOKING AT MORTGAGE TERM RENEWALS.

By omitting proper consideration at the time of renewal, this practice costs Canadian citizens thousands of extra dollars every year. Nearly 60% of borrowers simply sign and send back their renewal that is first offered to them by their lender, without ever shopping around for a more favorable interest rate.

Homeowners should never accept the first rate offer from their existing lender. Without any negotiation, simply signing up for the market rate on a renewal is unnecessarily costing the homeowner a lot of money on their mortgage.

Generally, it is a good idea to start shopping for a new term four to six months before your current mortgage term expires. Many lenders send out your renewal letter very close to the time that your term expires. This does not give you ample time to arrange for a mortgage term through a different lender. Let us do the tracking and we will shop around for you. You will be amazed at what they can accomplish on your behalf!

Your mortgage is one of your biggest expenses. For this reason it is imperative to find the best interest rates and mortgage terms you possibly can. By shopping around at renewal time you can save substantial amounts of money over the life of your mortgage loan. Don’t be one of the 60% who just simply sign their renewal letter and send it back. Use our mortgage professional services to ensure the lenders compete for your business.