While 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.
Nearly 60% of borrowers simply renew with their current lender without ever shopping around for a a better mortgage product and interest rate… this could cost you thousands of extra dollars every year.
Never accept the first rate offer from your existing lender without negotiation!
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 too close to the time that your term expires. 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. Calculate your timeframe here.
Be proactive, it’s your money, have me, a Licensed Mortgage Professional do the legwork for you, you will be amazed at what I can accomplish on your behalf!
Your mortgage is one of your biggest expenses. Therefore, it is imperative to find the best mortgage product you can. Contact me today!