Did you know, 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?
By omitting proper consideration at the time of renewal, this practice costs Canadians thousands of dollars every year. 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.
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. Track your own mortgage term timeframe and when it is time to start shopping for a mortgage renewal rate.
Max would be happy to shop around for a mortgage renewal rate on your behalf to help save you substantial amounts of money over the life of your mortgage loan.