Mortgage Renewal

Is Your Mortgage Up For Renewal?

While you may 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 favourable interest rate.

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

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 send out your 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.

Before you ever hear from your lender about renewing your mortgage term, give me a call to discuss what the current mortgag market is like. I can shop around for you and provide you with the information you need to make an informed decision.

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. Give Katie a call and we'll make your mortgage renewal process easy! Katie works all throughout BC and is located in Nanaimo on beautiful Vancouver Island.