Renewing Your Mortgage


If your mortgage is up for renewal, now’s the perfect time to consult with a mortgage professional and learn how you can pay off your mortgage faster.

 

Your mortgage is coming up for renewal and your current lender is not making you feel like a valued customer? 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 mortgage renewals, this practice costs Canadians thousands of extra dollars every year. Nearly 60% of borrowers simply sign and send back their mortgage 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 mortgage renewal is unnecessarily costing you a lot of money on your mortgage.

Generally, it is a good idea to start shopping for a new mortgage between four and six months before your current mortgage term expires. Many lenders send out your mortgage renewal letter very close to the time that your term expires and this does not give you ample time to arrange for 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.

Your mortgage is one of your biggest expenses. As such, it is imperative that we find you the best interest rate and mortgage terms that we possibly can. By shopping around at your mortgage renewal time, The Mortgage Professionals can save you 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 services to negotiate the best mortgage product at the best rate available.

Contact us for a second opinion: Don’t wait to hear from your lender about renewing your mortgage term. Enlist The Mortgage Professionals to shop around for you. We will give you the best options available in the market. Unlike banks, we work for you. We always strive to offer you the best product at the lowest rate. Haggle free!

Contact us today for your free, no-obligation mortgage assessment.

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