RenewING YOUR MORTGAGE…
With rates on the rise, there’s no better time than now to check with your Broker, before signing your Bank’s Mortgage Renewal!
Often, as a Broker, we’re able to get you a more competitive rate than what your existing Mortgage Lender is offering you. As well, another Financial Institution may pay the fees to transfer your mortgage from your existing lender to them. Let the Lenders compete for your business.
Do you need extra cash? When your mortgage comes up for renewal is the perfect time to review your financial situation and perhaps consolidate and pay off personal debts, or do that renovation that you’ve been thinking about. Contact our team to see what we can do to help!
There is a difference between a Renewal and an Early Renewal.
A basic renewal is when your existing term or contract is set to expire with your lender. You have the ability to shop around to secure best rates and options without cost or penalty.
An early renewal is where you can break your mortgage term early, mid term. A penalty typically applies, however it may be worth the consideration if rates are lower than your current mortgage term. It’s also a good way to complete a mid term mortgage check up to see if there is any option to reduce your amortization or update your payments by restructuring your mortgage.
If you’d like to set up a renewal reminder notice for your existing mortgage, complete the following information and we’ll send you a reminder 120 days before your mortgage renewal.
Statistics show that mortgage renewal rates offered by your existing lending institution are an average of .15% higher than if you shop the market and transfer your mortgage upon renewal. Let us help you decrease your rate, pay your mortgage off faster, process a seamless transfer, and all while saving you money. While you’re negotiating your renewal with your bank, we can shop the market. There is no obligation, as we’re so confident our rates will impress!