RENEW A MORTGAGE

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. The majority of borrowers simply sign and send back the renewal that is first offered to them by their lender without ever shopping around for a more favorable interest rate and terms.

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 could be unnecessarily costing the homeowner a lot of money on their mortgage.

Generally it is a good idea to start shopping for a new term a couple months before your current mortgage term expires. Many lenders send out your renewal letter very close to the time that your term expires. This does not give you ample time to arrange for a mortgage term through a different lender.

Before you even hear from your lender about renewing your mortgage term, let us research the best options for you. Often, competing lenders will offer incentives for your business.

Your mortgage is one of your biggest expenses. For this reason it is imperative to find the best interest rates and mortgage terms suited to your needs. By shopping around at renewal time you can save substantial amounts of money over the life of your mortgage loan. Use the services of Mid-Island Mortgage to ensure the lenders compete for your business.

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