Is your mortgage coming up for renewal? Don’t be too quick to sign that mortgage renewal letter.
More than 70 per cent of Canadian mortgage holders do just that, and what is the usual result? A higher rate and a mortgage product that might not be best suited to their interests.
Experience has shown that lenders don’t necessarily send their mortgage renewals out at best rates, counting on the fact that most homeowners are too busy to ask questions or to inquire about getting a better rate. Don’t let this happen to you!
Rather, let multiple lenders compete for your business to be sure you get the best and lowest cost mortgage possible.
The following are some things to consider before your mortgage renews:
1. Start taking action on your renewal at least 90 days in advance.
2. See renewal as a time to start over.
3. Attractive new mortgage products and features may be available that you’re not aware of.
4. The rate market may have changed dramatically.
5. You are not obliged to renew into the same kind of mortgage, nor are you obligated to stay with the same lender.
6. You can negotiate and compare offers from multiple lenders.
7. Renewal is the best time to refinance.
8. Rate isn’t everything, but it’s tremendously important.
9. Don’t be scared off by fees to switch lenders.
10. Make sure switching lenders is worth it.
For a free, no obligation consultation to discuss your best mortgage renewal options, please contact us by phone @ 204-326-4479 or email us at firstname.lastname@example.org