While most Canadians spend a lot of time and expend a lot of effort shopping for their initial mortgages, the same is generally not the case when looking at their mortgage renewals. By not reviewing all of their options at the time of renewal, this practice costs Canadians thousands of dollars every year. Nearly 60% of borrowers simply sign and send back the renewal letter that is offered to them by their lender, without ever shopping around for a more favourable interest rate and mortgage product.  Most spend more time comparing shoes before buying than they do reviewing their absolute largest investment!

Homeowners should never accept the first renewal offer from their existing lender. Without any negotiation, simply signing up for the market rate on a renewal is unnecessarily costing the homeowner a considerable amount of money on their mortgage.  It is also wasting a great opportunity to review whether they are in the right type of mortgage with the right terms for their next 5 or 10 year life plan.

New clients have shared that they felt overwhelmed and didn't know what to ask, or it was just too great a number for them to deal with, so they just trusted what they were given.  That is where we come inWe will review what you have been offered and compare this against all that is available for you in the market.  We will explain the differences, and pros and cons of each option, walking you through what the differences mean to you and your specific situation.

If you are keeping the same amount of mortgage and amortization, switching to a new lender is free for standard mortgages.  The new lender picks up the legal tab for you as they want your business.  If you require additional funds, or wish to stretch out the amortization, this is classified as a refinance, and there will be an appraisal required and a normal legal fee (for more details on a refinance, please click here.).  You will need to qualify with the new lender as you will be a new client, but we help you with the paperwork to make it a smooth and quick process!

Generally it is a good idea to start shopping for a new mortgage between four and six months before your current mortgage term expires.  We reach out to all of our clients six months prior to your loan maturity date to discuss what you would like and any life changes, and we can lock in a new mortgage as far as four months out. Many lenders send out your renewal letter very close to the time that your term expires, but this does not give you enough time to research and arrange for a new mortgage through a different lender. 

Knowing what you ideally want earlier gives us the opportunity to track interest rates and obtain the lowest rate possible for you while you wait for your closing date. We are always watching the mortgage market for you until your mortgage is closed to make sure you are positioned in the best possible way for your new term!

Your mortgage is one of your biggest expenses.  We are committed to helping you from the first phone call through to following up with the lawyers at closing to ensure your mortgage experience is a happy one!

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