Did you get your mortgage renewal letter in the mail?

Don't settle with the first offer!

While most Canadians spend a lot of time and effort in shopping for an initial mortgage, the same is generally not the case when looking at mortgage term renewals.

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 unnecessarily costs 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.

This means that you need to be tracking your mortgage term timeframe and know when it is time to start shopping for a good mortgage renewal rate.

Before you ever hear from your lender about renewing your mortgage term or have a licensed mortgage professional shop around for you, you will be amazed at what they can accomplish on your behalf!

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.

Secure the Best Mortgage Renewal Terms!

Your renewal is an opportunity to save—don’t settle for the first offer! Contact me today to explore your options and secure the best rate.

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Frequently Asked Questions

Do you have more questions?

Get in contact with me today!

When should I start thinking about my mortgage renewal?

It’s best to start reviewing your options 4-6 months before your renewal date. This allows time to negotiate better rates and terms with lenders.

Can I switch lenders during my mortgage renewal?

Yes, you can! Switching lenders at renewal can help you secure better rates and terms. A mortgage broker can guide you through the process with minimal hassle.

Do I need to pass a stress test when renewing my mortgage?

If you’re staying with the same lender, you typically won’t need to pass a stress test. However, switching to a new lender may require one. Recent policy changes have made switching easier.

What happens if I don’t negotiate my mortgage renewal?

If you accept your lender’s first offer without negotiating, you may end up with higher rates than necessary. A mortgage broker can help you get competitive offers and save money.