SARAH COLUCCI, MORTGAGE BROKER
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Mortgage Blog

BE CAREFUL OF LOW-RATE INTRODUCTORY MORTGAGE RENEWAL OFFERS. a CAUTIONARY TALE.

2/24/2019

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When mortgage maturity approaches, and it's time to renew your mortgage, you will receive a Renewal Agreement in the mail. 

The Renewal Agreement is often a very thick document that displays current interest rate offers together with mortgage terms. 

Most borrowers do not understand all of the terms and more than 50% of borrowers do not know how to interpret the offers being given in terms of dollars and cents. 

One example of this is an experience I recently had with a client who had her original mortgage with CIBC. Her CIBC mortgage was up for renewal and she locked into another five years. She mis-read the renewal agreement completely. What she failed to realize was that her low five-year rate was only an introductory rate for the first six months followed by a much higher interest rate for the rest of the five year term.

This meant that after the first six months she would end up paying almost one percent more than what other prime lenders were offering. 

This was a very costly mistake and one that could have been avoided if she understood her mortgage renewal terms.  

As always, mortgage renewal and mortgage maturity is an opportunity to seek a better interest rate and negotiate better terms. It's a time to save money. 

Please contact me today if you would like to discuss your mortgage renewal. 





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    By: Sarah Colucci

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Address

411 Queen St. 
Newmarket, ON
​L3Y 2G9

Second Location: 
Tottenham, Ontario 

Head Office: 
15 Wertheim Court, Suite 210
Richmond Hill, Ontario 
L4B 3H7 

Sarah A. Colucci, Mortgage Agent Lic. M14000929
Mortgage Edge, FSCO Lic. 10680

Telephone

Direct: 647-773-4849
​
Email: sarah.colucci@coluccimortgage.com
Picture
  • Home
  • ABOUT ME
  • Why Use A Mortgage Broker
  • APPLY ONLINE
  • PRODUCTS
    • BEAT THE BANKS
    • WHY INVEST IN REAL ESTATE
    • FIRST-TIME HOME BUYER PRE-APPROVALS >
      • FIRST-TIME HOME BUYER TAX CREDIT
    • SELF-EMPLOYED MORTGAGES
    • MORTGAGE REFINANCE >
      • Prepayment penalties
    • SPOUSAL BUYOUTS
    • INVESTMENT PROPERTIES AND RENTALS
    • BRUISED CREDIT
    • PRE-APPROVALS
    • NEWCOMERS
    • DEBT CONSOLIDATION
    • HOME EQUITY LINE OF CREDIT
    • PURCHASE PLUS IMPROVEMENT PROGRAM
    • MORTGAGE RENEWALS >
      • New Mortgage Rules and Mortgage Renewals
    • SECOND MORTGAGE LOANS
    • LESS THAN 20% PROPERTIES
    • PERSONAL LOANS
    • DOWN PAYMENT
  • CONTACT ME
  • PRIME RATE CANADA
  • CLOSING COSTS
  • DOCUMENTS REQUIRED FOR MORTGAGE FINANCING
  • MORTGAGE QUESTIONS
  • MORTGAGE DICTIONARY
  • MY LENDERS
  • MISSION
  • MORTGAGE NEWS
  • MULTIMEDIA & APPEARANCES
  • GOVERNMENT MORTGAGE RULES
  • MORTGAGE TIPS
  • TESTIMONIALS
  • HOUSE HUNTING CHECKLIST
  • MORTGAGE WITH ME