Shop around early before mortgage renewal date comes due
Just like an annual financial plan you should review your mortgage on a regular basis. When your mortgage is up for renewal it is the ideal time to re-assess and re-examine your financial situation. We are available to answer any of your questions or concerns and help you choose the options that best suit you.
If your mortgage is coming due for renewal give us a call and we will shop your mortgage for the best possible rate. Most of our lending institutions will hold the rate for 90 to 120 days before the renewal date. This allows you to lock in a rate to ensure it will not go up before renewal time. The vast majority of people will simply accept the rate their bank is offering them at the time of renewal thinking it is easier and less hassle. We can find a more competitive rate and it only takes a phone call or a few minutes to fill out the online mortgage application.
With today’s low interest rates your mortgage may be costing you more than it should! It might be beneficial and cost effective for you to payout you’re existing mortgage and secure approval for a lower rate. This could save you thousands of dollars over the remaining term.
Why it is SUPER important to use a broker on 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. Omitting proper consideration at the time of renewal costs Canadians thousands of extra dollars every year.
It’s important to never accept the first rate offer that your existing lender sends to you in the mail around renewal time. Without any negotiation, simply signing up for the market rate on a renewal will unnecessarily cost you a lot of extra money on your mortgage.
It would be my pleasure to have the lenders compete for your mortgage business at renewal time to ensure you receive the best mortgage options and rate catered to your specific needs. After all, just because a lender had the best available product or rate for you when you obtained a mortgage one, three or five years ago does not mean the same holds true in today’s market.
With products and rates changing on an ongoing basis, you can’t possibly know what the best offering is for your unique situation without having me – a mortgage professional – do some investigating on your behalf.
It’s my job to look at every rate and product change from each lender – including banks, trust companies and credit unions – every morning to ensure I find the best deals for my clients. I also have the inside scoop on specials available through dozens of lenders thanks to the large volume of business I fund through these lenders each year.
Often times, your existing lender will send a highball renewal rate to their existing clients in the hopes that you will simply sign the renewal form and send it back. Your best bet is to come to me prior to your renewal date or forward the lender’s renewal offer to me before signing anything. That way, you can rest assure you’re getting the best possible mortgage product and rate that suits both your current and future mortgage needs.