Renewals and transfers
Most Canadians invest a lot of time, and effort, shopping for their initial mortgage, it is generally not the case when looking at mortgage term renewals. At the end of your term your current lender will offer you a moderate discount over the “posted rates” and all you have to do in most cases is sign a letter you receive by email. Nearly 60% of borrowers simply sign the renewal offered to them by their lender without ever shopping around for a more favourable interest rate. Its easy and painless, but you may have just lost thousands of dollars over the new term of your mortgage.
It’s a good idea to start shopping for a new term between four and six months before your current mortgage term expires, so tracking your mortgage term is good practice. Many lenders send out your renewal letter close to the time that your term expires, not giving you enough time to arrange for a mortgage term through another lender.
There is no rush to sign the renewal letter, even if your renewal date comes, your lender will have to renew you into an open mortgage, with no penalty to move you out.
Use my services as licensed mortgage professional ensuring lenders compete for your business.
By choosing a Mortgage Alliance Professional you can access all your mortgage options with just one phone call, one application. Your Mortgage Alliance Professional works on your behalf. We will place your mortgage with the lender that is the best fit for you, whether it’s a major bank or a private lender.
Going above and beyond the daily mortgage rate
As a mortgage broker, we need to know more than just the daily rate. We keep on top of all mortgage related news, and pass it on to our clients in the form of new posts, or periodical newsletters. One can never have enough information, especially if it can impact their financial health.
We subscribe to various industry specific new feeds and websites which keep us informed on the current money trends, and policies making their way down the pipeline.
An important part of being a mortgage broker is being up to date on current trends and practices. We are continuously “going to school” learning the new policies and practices that are critical in getting you the best products available.