Mortgage Renewal
Shopping for a 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 borrowers 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!
At Dominion Lending Centres Delta Equities, we want to tell you that 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 you, the homeowner, a lot of money on their mortgage.
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Generally, it is a good idea to start shopping for a new term between three and four months before your current mortgage term expires. A 90 day "rate hold" can be obtained from most lenders, meaing we can get you a lower rate a few months before the "panic time", that time when lenders send out your renewal letter very close to the time that your term expires. This then does not give you ample time to arrange for a mortgage term through a different lender. Therefore, 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. We are here to help you with this search, and we are also here next year when this time comes around again!
Before you ever hear from your lender about renewing your mortgage term, have one of our licensed mortgage professionals at Dominion Lending Centres Delta Equities shop around for you - you will be amazed at what we can accomplish on your behalf!
And, if you had some troubles with jobs, or credit issues that now prevent the bank from wanting to renew with you, again, we are here to help! We specialize in private mortgage funds to help give you time to repair your credit or get more time at that new job so you can get a bank mortgage again.
Your mortgage is one of the biggest expenses in your life. 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 Delta Equities mortgage professional to ensure the lenders compete for your business.