There are many borrowers who simply do not pay attention to their mortgage renewal and often, end up paying more interest than they have to. Many borrowers decide not to shop around because they may feel consulting their bank or the broker channel may take too much time and effort.
At the end of the day and based on proven statistics, it actually does pay to shop around and get the best interest rate. Saving any percentage off your current rate equals big enough savings when added up through the years and over your remaining amortization period.
I always consult the various lenders I work with to ensure optimal and competitive rates are offered. My mortgage process is also painless and transparent which allows borrowers to feel confident about their final decisions.
Here are some tips you can take advantage of to save money on your mortgage renewal;
1. Timing. Your existing lender will often send you a renewal offer a few months before your maturity date. You don't have to wait to get this offer before you can start negotiating with them. If you happen to receive a better rate somewhere else, the rate can be held for up to 120 days which ensures you are protected against further increasing rates during that time.
2. Ask your bank to play game! Don't be afraid to pressure your bank into getting you a better rate. Often, exceptions can be made especially if you are a stellar client with excellent credit history. If your bank or lender still won't do anything for, call my office and we will ensure we shop your application around for the best possible rate currently available free of charge.
Types of borrowers I help:
- Salaried borrowers
- Self employed (BFS)
- No income borrowers
- Professionals (Doctors, lawyers, etc.)
- Investors who own 4+ properties
- First-time home buyers
- Bruised credit
- Those going through a divorce or separation.
We always advocate for your best interests!