Before You Renew Your Mortgage Read This…
This could save you a substantial amount of money.
- 60% of Canadians Lost Thousands for Dollars because they did not have this information.
- Start Shopping 4-6 Months Before your Current Mortgage Expires.
- Never Accept the First Offer. (Negotiate)
- Contact an Experienced Mortgage Broker to Help You.
While most Canadians spend a lot of time and effort, in shopping for an initial mortgage, the same is generally not the case when looking at mortgage term renewals. Neglecting to consider other options at the time of renewal has 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 favourable 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. This money is going right to the profit of the existing lender.
Generally it is a good idea to start shopping for a new term between four and six months before your current mortgage term expires. Many lenders strategically send out your renewal letter very close to the time that your term expires. This does not give you ample time to find and arrange a mortgage term through a different lender. This means that you need to be tracking your own mortgage term timeframe and know when it is time to start shopping for a good mortgage renewal rate.
Before you ever hear from your lender about renewing your mortgage term, have a licensed mortgage professional shop around on your behalf. You will be amazed at what they can accomplish and this can actually result in saving money on your monthly mortgage payment.
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. Don’t be one of the 60% who just simply sign their renewal letter and send it back.