Mortgage Renewal - Switch
Mortgage Renewal - Switch
Four and a half years ago you signed your mortgage, moved into your beautiful new home, and …... haven’t thought about your mortgage since!
Fast forward
You open up the e-mail, and your mortgage provider has sent you a simple renewal form, one click, and your mortgage is renewed for another 5 years.
That click could cost you thousands of dollars.
Renewing your mortgage with another lender, or doing a “switch” is an option that many don’t know about, yet it could save you thousands. Here is what you need to know.
Your current lender is going to initially offer you a higher rate then they are offering new customers. READ the document they send you and compare their offer to this: https://mathesonfinance.com/current-rates
You may have been told that switching to a new lender is difficult and cumbersome and expensive. False, a broker can take care of the entire process for you, you will simply need to be approved again for the mortgage (which you were approved for years ago!).
There are more benefits than a great rate out there. Many first time home buyers prefer their mortgage to be at chartered banks such as CIBC, RBC, and TD. Let a broker introduce you to a monoline lender and their lower rates, better payout options, and reduced penalties. On top of rate savings, you could be paying off your mortgage faster and have more transfer options.
You shop for clothes, electronics, cars, basically every purchase you make, why should your mortgage renewal be any different?
The best part is that I can do the work for you (for free), and If I can’t beat the product your current lender is offering, tell them your working with a broker, and I bet they sweeten your deal.
Best of luck in your renewal negotiations!
Cameron
