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.Homeowners should never accept the first rate offer from their existing lender. Without any negotiation, simply signing up for the market rate on a renewal is unnecessarily costing the homeowner a lot of money on their 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, have a licensed mortgage professional shop around for you, you will be amazed at what they can accomplish on your behalf!
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. Use the services of a licensed Dominion Lending Centres mortgage professional to ensure the lenders compete for your business.
Thursday, 12 May 2011 14:20
Don't just accept your bank's renewal notice. Shop around!
Written by John HamiltonWhile 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.
Published in
Mortgage Info
John Hamilton
Making sure you have the right mortgage can be stressful. I can guide you through the process and make it a more comfortable experience. Why deal with one bank when by using a Mortgage Broker, you have access to 90 different banks, Trust companies and a lot of schedule B lenders that may not have a branch, similar to ING but pass on the savings of less overhead through better rates.
Just some of the mortgage lenders we deal with are, Dominion Lending Mortgages (our own white label products, underwritten by Royal Bank) ING, Scotiabank, TDCT, MCAP, AGF, Bridgewater, Canadiana, Concentra, Desjardins… well I could go on and on. Bottom line is we don’t send you to just one bank and their only product… We get you the mortgage that is tailored to what you need. Including the best rate! By the way did I mention my service is free?
I have been in the mortgage business since the early 80s. As a Mortgage Broker I have seen pretty much all scenarios. And being with the largest brokerage company in Canada we do the volume required to get deeper discounts than our competition. I can make it convenient for you to go through the process by taking the application over the phone in about 5 minutes, after you have settled down in the evening. I am not a bank so I don’t keep banker’s hours. You are welcome to contact me days, evenings and weekends. I look forward to hearing from you.
John Hamilton
john@johnhamilton.ca
www.johnhamilton.ca
705.814.1111
Website: www.barriehomefinance.comLatest from John Hamilton
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