Did you know most Canadians sign whatever their existing lender puts in front of them at renewal time with little or no competitive shopping? Renewal letters usually offer rates significantly higher than available market rates! With thousands of your hard-earned dollars on the line, you owe it to yourself to make a quick call to know your options.
Switching Lenders. No Cost. No Hassle.
In many cases, lenders have hassle-free programs to cover some or all costs associated with moving your mortgage at renewal time. I can help determine if you will qualify.
If you currently have a ‘collateral’ mortgage, it may be a little more complicated, but still very much worth considering! Some big banks have been under fire in recent years because of their use of collateral mortgages without properly explaining them to clients. Got questions about your collateral mortgage? Call me.
Feeling pressured by an early renewal incentive?
Feeling pressured to make a decision on your lender’s early renewal incentive? You don’t need to play that game. There are lots of lenders out there who are willing to offer up to 120 day rate holds so you can secure competitive products and rates well in advance of your closing/renewal date.
It’s true that leaving your investigation to the last minute can be costly, so take advantage of your options early while you can think with a clear head. I’d love to help. Give me a call to go over your situation and compare market options with your lender’s offer.
“But my bank’s been good to me.”
Remember, moving your mortgage doesn’t necessarily mean moving your daily banking or banking relationship. If they’re encouraging you to sign a renewal that could potentially cost you thousands more each year of your term compared to other available lenders, your mortgage is one piece of business that may best be placed elsewhere.
Understand that your bank can only offer it’s in-house products. If there is a better deal down the street, they cannot tell you. I, on the other hand, have access to a network of lenders and niche products to ensure an accurate fit.
Let’s compare the options. If your existing lender’s offer makes most sense, I’ll tell you.