Renewals
Every mortgage has a specific term. At the end of the term you will need to renegotiate your rate with the bank for the new term. A lot of people will accept the rate offer that they receive in the mail from their existing bank. The truth is that those rates are most likely not the best rates available on the market.
Please give us a call if your mortgage is coming up for a renewal and we will shop around for the best rates for you. Your existing lending institution will most likely send you a renewal offer within 1 month of the maturity date or even less. Sometimes this is done on purpose so that you don't have a lot of time to look for a better deal. The truth is the best time to start looking for the best possible mortgage rate is 4 months prior to the renewal date. It allows us to lock in the best rate for you 4 months in advance. This way you will be protected from the possible rate increase that may occur within this period of time, but if the rates drop, the lowest rate available within the 4 months will apply to you. Either way you win!
Should your existing lender offer you a better deal closer to your mortgage renewal date (rarely but it does happen!), and you decide to cancel your approval with us, no problem at all.
A mortgage renewal is not a complicated process and there are no fees to switch your mortgage to a new lender thus saving your family thousands of dollars in the long run!