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Who’s Looking Out for Me When It’s Time to Renew my Mortgage?

Who’s Looking Out for Me When It’s Time to Renew my Mortgage?


Did you know that a recent Maritz/CAAMP survey found that only 56% of mortgage holders negotiate their mortgage rate on their renewal?  This means that 4 out of 10 mortgage clients simply sign-back their renewal notice without shopping around!  A few months ago the Bank of Canada released a report that found that borrowers who didn’t compare mortgage rates pay more than double than borrowers who researched the market & demand better rates.

How do you protect yourself?  You can consult a mortgage broker or visit multiple banks & credit unions on your own.  Either way, when your mortgage matures don’t just accept the first offer from your lender.  If you are well qualified you have plenty of options out there that could easily cut one or two tenths off your banks best rate which could potentially save you $1,000 over a 60 month term on a $200,000 mortgage.

Rate is just the starting point too, a broker can review the various terms & conditions offered by different lenders to ensure that you select the “right” mortgage for your situation.  This simple move could save you pre-payment penalties that run up into the thousands, as well.

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