Manage your mortgage renewal - and save thousands!
Each year Canadians miss out on thousands of dollars in savings by not planning for their mortgage renewal. CMHC studies show that 80% of consumers intend to shop for a better deal at renewal time; however, only 30% of all consumers actually do. In fact, over half simply sign their renewal, accepting the lenders first offer without question.
Most lenders will not send a renewal notice until 30 days prior to renewal. This is done for two reasons: 1) it allows the lender to avoid costs by only protecting you from rising rates for 30 days; and 2) your lender can significantly limit your ability to shop around for a better deal.
We will help you take control of your renewal and get you the best possible interest rate for which you are eligible. We will arrange for a rate hold 120 days prior to your renewal. If interest rates increase during that period, you will still get the lower rate. If rates decline, you will get the lowest rate available during the period.
Renewal time is also an excellent time to consider refinancing your high interest debt like credit cards and finance company loans into your mortgage. A mortgage refinance can save you thousands in interest charges and significantly increase your monthly cash flow.
How much can you save?
It is possible to save thousands of dollars over the course of a typical five-year term.
Here’s an example:
Mortgage Size $100,000
Bank Market Rate (Example only): 5.70%
Broker Discounted Rate : 4.49%
Bank Market Rate : 5.95%
Discounted Rate : 4.70%
Your Rate: 4.49%
Total savings in interest: $7,000!
Do you want to know if you’ve been offered the best deal on your mortgage renewal? Just ask us! If you've already got the best deal out there, we'll confirm it for you. If we can get you a better deal, we'll set it all up for you.
