Think back to the work you did leading up to your first mortgage. You probably researched the products on the market, hunted down the best rate – maybe even haggled a little. Now think back to your last renewal.
If you’re like 90% of Canadian mortgage holders, you probably renewed with your existing lender – maybe you even let your mortgage automatically renew, without giving it much thought. If that’s the case, you’re likely paying a lot more for a product that doesn’t suit your needs as well as it could.
As mortgage brokers, we can start searching for your ideal mortgage well before your lender sends you a reminder notice in the mail. Most rate holds last for 120 days – which means we can guarantee you a great rate up to four months before your mortgage is due to renew. If rates go up, yours won’t – and, in the same sense, if they improve, yours will too.
We can also sit down with you to evaluate your mortgage needs and your plans for the next few years — needs that have likely changed since you last entered a mortgage term. Maybe you want to buy a vacation home, a rental property, or renovate your home. There’s a mortgage for that.
While it may require a little forethought, thinking about your mortgage renewal before the reminder notice arrives in the mail can pay dividends down the road – it can help you pay off your mortgage earlier, or achieve a dream you didn’t think possible. Give us a call today to find out what we can do for you.