You could be missing out in thousands of dollars in interest savings by not planning your mortgage renewal to your best advantage!

CMHC studies show that 80% of consumers intend to shop for a better deal at renewal time; however, only 30% of all consumers actually do.

In fact, over one-half simply sign their renewal, accepting the lenders first offer without question, negotiation, or investigation.

Although interest rates can be locked in months in advance of a renewal date to protect mortgagors from rate increases, most lenders wait until just 30 days before the maturity date to send their clients a renewal notice.  In some cases, the notice comes only 2 weeks before the maturity date!

This is done for two reasons:

1) It allows the lender to avoid costs by only protecting you from rising rates for 30 days.

2) Your lender can significantly limit your ability to shop around for a better deal.

As a Accredited Mortgage Professional, I will help you take control of your renewal and get you the best possible interest rate for which you are eligible. I can arrange for a rate hold 120 days prior to your renewal!  This will protect you from rising interest rates, but if rates drop before your renewal date, you will get the benefit of the decreased rate.

Since the majority of Canadians believe that interest rates are on the rise, it is very important to contact us as early as 4 months before your renewal, so we can lock in today’s best rate. If interest rates increase during that period, you will still get the lower rate. If rates decline, you will get the lowest rate available during the 120 day period.

Renewal time is also an excellent time to consider refinancing your high interest debt like credit cards and finance company loans into your mortgage, as no penalty would be applicable at the end of your existing mortgage term.  Handled properly by professionals, a mortgage refinance can save you thousands in interest charges and significantly increase your monthly cash flow.

I am happy to review your options for Renewal and Refinancing to determine how much money we can save you.

I will also save you time as I “shop” the lenders for you, so you don’t have to put in your time shopping.

When your mortgage is maturing and you will need to renew, please contact me before automatically signing the renewal agreement you receive from your lender.  I will find you a better deal, or confirm that the deal your lender ins offering you is the best deal for you.