Renew Your Mortgage

When your mortgage comes up for renewal you get a mortgage renewal notice in the mail with a thank you note and some interest rates to sign back.  This is when banks pay for the advertising on television, radio, newspapers and magazines.

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Why?  At mortgage renewal time, bank's  take advantage of your busy schedule and your loyalty by offering to renew at a posted interest rate or one with a small discount.

You shopped for your mortgage when you purchased your house, right?  Why not when you renew? 

Over 70% of Canadians sign back their renewal without shopping around and seeing what the competition has to offer.

Let do the shopping for you.  Free of charge!

We work with over 50 mortgage lenders in Canada and we'll find the best mortgage for your needs.  Not the bank's!

Traditionally your bank will offer you a mortgage renewal of .1% to .65% off of their posted mortgage rate. 

Our typical discount mortgage rate is 1.00% and can be up to 1.75% off their posted rate.  It sounds small, but a couple of interest rate points can add up to thousands over the life of your mortgage.

Treat your mortgage like you're a new customer every time, not just the first time!  Maybe the mortgage you signed 5 years isn't the right fit for you and your family now.

Would you like to pay off your mortgage quicker, save money monthly, invest and retire early?  We can help there as well.

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Maybe just a little bit more about mortgage renewals.

It's that time again. Your 5 years is almost up...and you are awaiting that handy notice from the bank, that reads like a dinner menu with so many options, but so little information of what exactly you're getting when you order. Yes, it's Mortgage Renewal time again!

Mortgage Renewal time is when all the guessing, wondering and worrying that you did 5 years ago is back for another round. A time that you either celebrate with joy if rates went up or fume with anger if rates went down, as you gambled on whether you made the "right choice" 5 years ago. What box did you check? Did you take the classic “5 year fixed?“

Did all the other options just confuse you? Fixed vs. Variable, Open vs. Closed, Terms from 1 - 10 years. Or, did you at least take the renewal form into your bank to ask for the "Best Option"? Please tell me you didn't just "Mail it in"? Did you? Why you ask...because the renewal forms the bank sends may give you mortgage options...but not their best RATES on those options.

As you may or may not know, that dreaded form contains the POSTED interest rates. Signing up for the POSTED mortgage rate, versus the DISCOUNTED rate offered by brokers like myself is the equivalent of paying retail versus wholesale. That is the best way to describe the "Broker/Bank" difference. A bank (trust company, credit union, etc.) is your Retail Store, whereas your local broker is your Discount Wholesaler. Different? Different how you ask? Well, it looks and feels the same, and the only thing you will notice, is more money in YOUR pocket at the end of the day.

That is because we as brokers don't haggle on price, you get our best offer up front unlike some places where you have to "play the game". Myself, (and brokers like me), have only 1 initiative, that is to get our client the best product to fit their need at the best rate in the most efficient manner.

Don't let the big bank scare you, (I worked at one of the major Canadian banks for 5+ years, I know what I'm talking about!), you do have options, and those options could save you $1000's in interest costs. Why am I telling you this? Because I feel that an "Informed" mortgage client is a "Happy" mortgage client, and I'm all about making people happy. You get the exact same thing, (Mortgage Product), and at a sometimes drastically reduced price.

So, next time you get that letter in the mail asking you to just "CHECK OFF and SEND BACK" with no real guidance or information...instead, contact your local mortgage professional to help fully explain the choice you are making, and the benefit to you the customer in making that choice.

We as mortgage professionals are here to ensure that you the customer are paying the "fair market value" on your mortgage interest rate.

We look forward to hearing from you! - by Dave Dunseith