Get the best terms when you renew your mortgage
If your mortgage is up for renewal within the next six months, contact us directly to look at your options.
Don't just sign your renewal documents from your lender, here are 3 easy steps to getting the best terms upon renewal.
Connect with us
The best place to start is to connect with us directly. Just because the lender you're with now was the best choice when you got your last mortgage, doesn't mean they are the best choice for your next mortgage.
Consider your options
Sorting through all the different mortgage lenders, rates, terms, and features can be overwhelming, especially upon renewal. We'll outline the best mortgage products on the market, and review them with you.
We'll handle the details
When it comes time to arranging your renewal, we'll handle the negotiations with the lender for you. This ensures you get the best mortgage product that lowers your overall cost of borrowing.
Renew your mortgage with confidence
Don't just sign your renewal documents, there might be better options available.
Resources to help guide you through the mortgage renewal process
Protect Yourself at Renewal
It’s a commonly held belief that if you’ve made your mortgage payments on time throughout the entirety of your mortgage term, that the lender is somehow obligated to renew your mortgage. Learn why this isn’t the case here.
Fixed-Rate or Variable-Rate Mortgage
If you’re considering your mortgage options at renewal and debating between a fixed and variable rate mortgage, consider the penalty incurred should you need to break the mortgage.
What Banks Won't Tell You About Mortgage Financing
If you have a mortgage up for renewal, and you’re thinking about connecting with your bank directly, save yourself a lot of money and have a look here first.
Understanding Payment Frequency
Did you know that you have an option to accelerate your mortgage payments as part of your regular payment schedule? If your mortgage is up for renewal and you're considering all your options, your payment frequency can help pay off your mortgage faster.
Pay Down Your Mortgage Faster
If you have a mortgage up for renewal, and you’re thinking about how to accelerate your payments, here are four things you can do to become mortgage-free sooner.
60% of Canadians simply just sign their mortgage renewal each year without any additional negotiations or rate shopping. Don’t make that mistake. Don’t blindly throw away your money.
- 60% of Canadians lose thousands of dollars every year because they did not negotiate their renewal offer.
- Start Shopping 4-6 Months before your current mortgage expires.
- Never accept the first offer. (Negotiate) It is even better to consult with a professional mortgage broker who works on your behalf to help you negotiate or find an even better mortgage for your needs.
While most Canadians spend a lot of time, and expend a lot of effort, in shopping for their initial mortgage, the same is generally not the case when looking at mortgage term renewals. By neglecting to consider other options 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.
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 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. Your lender understands this and this is a tactic they use to make more money.
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 unless you have a professional mortgage broker managing your mortgage for you.
Before you ever hear from your lender about renewing your mortgage term, have a licensed mortgage professional shop around for you, you will be amazed at what they can accomplish on your behalf and this can actually result in your saving money on your monthly mortgage payment.
Your mortgage is one of your biggest expenses. For this reason it is imperative to find the best interest rates and mortgage terms you possibly can. By shopping around at renewal time you can save substantial amounts of money over the life of your mortgage loan.
Don’t be one of the 60% who just simply sign their renewal letter and send it back. Use the services of a licensed Dominion Lending Centres mortgage professional to ensure the lenders compete for your business.
Feel free to contact us today for a free mortgage analysis and find out how you can save money and find the right mortgage that meets your needs. There is no cost to you for this service. We are committed to finding the mortgage that fits your life plan.
If your mortgage is up for renewal, please connect anytime. It would be a pleasure to work with you.
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Mortgage financing from Dominion Lending Centres Origin – Chan & Mark Mortgage Group