Mortgage Renewal
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. 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.
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.
Did you know that switching your mortgage to a new lender at renewal is free and that you have the ability to get a rate held up to 120 Days before your renewal date? By getting a 120 Day Rate Hold you can protect yourself from increasing interest rates as well as from unfair, last minute renewal offers. The Early Reminder Program is designed to help homeowners take advantage of this feature.
Register today for your Early Reminder. It is a free service that can save you thousands!