How a Mortgage Broker
Can Help with Mortgage Renewals
Congratulations, your mortgage is coming up for renewal! It is the perfect time to call Wes Rosso to see which lender will offer the best product and rate for the next term you choose for your mortgage. Your mortgage will now be “open”, so there is no/next to minimal cost to leave the current lender. It’s time to look around and see if you can save money, in a number of ways.
While most Canadians spend a lot of time, and expend a lot of effort, in shopping for an initial mortgage, the same is generally not the case when looking at mortgage term renewals.
Nearly 60% of borrowers simply sign and send back their renewal that is first offered to them by their lender without ever shopping around for a more favourable interest rate.
Homeowners should never accept the first offer from their existing lender. Without any negotiation, simply signing up for the market rate on a renewal may cost you a lot of money.
Generally it is a good idea to start shopping for a new term between four and six months before your current mortgage term expires. Many lenders send out a renewal letter very close to the time that your term expires and this does not give you ample time to arrange for a mortgage term through a different lender.
Before you ever hear from your lender about renewing your mortgage term, call Wes Rosso who will shop around for you. You will be amazed at what he can accomplish on your behalf!
We will review with you your current financial situation. Do you need money for any major items, such as college expenses? Do you require money for a debt consolidation, renovation, for your business, or maybe to invest? We will compare what your current lender’s best rates are on the renewal and present other alternatives.
To renew the mortgage with your existing lender the paperwork is minimal, you just need to sign a piece of paper and you’re done, but to go to another lender you will be required to apply just like you did the first time you obtained the mortgage. We will help you evaluate whether it is worth your time to move your mortgage to another lender.
If you are doing a straight transfer to another lender, legal costs of moving to another lender can often be paid by the new lender. We can determine what costs would be involved to move the mortgage over to another lender. If you are going to do a refinance, generally an appraisal and legal fees will apply.
Make sure you contact Wes Rosso regarding your renewal as a 5-minute conversation could save you thousands!