Everybody wants to save money on their mortgage! At Client First Mortgages we offer a Home Buyers Report (https://clientfirstmortgages.com/home-buyers-report/) and other useful tools and resources that will help you make an informed decision on your mortgage.
A new home buyer is especially diligent when shopping for the best mortgage.
They should make the effort to:
- find out the options
- compare rates and costs
- compare flexibility
This home buyer then moves into their new home and their mortgage can easily become something they don’t think about often. They might have a growing family and an ambitious career. In the meantime, the mortgage payments are happening on automatic pilot. Eventually their lender sends them a letter to let them know that their mortgage is coming up for term renewal.
That borrower is faced with some decisions to sort out:
- Should they do things the “easy” way and sign the offer from their current lender?
- Should they ask their lender for a better rate?
- Should they move their mortgage to another lender?
The answer? Don’t Renew! Renegotiate!
- Call your lender and ask them for their best offer and ask them to send it to you in writing.
- Work with a broker who has access to many different lenders so you can better assess your renewal.
- Have the broker compare options for you including the option from your current lender. This analysis will include any possible costs for moving the mortgage and list possible advantages to moving to another lender.
- Then decide. It will cost you nothing to ask and it could save you thousands of dollars.
Remember the effort when you first bought your home? Well you only need a small fraction of that effort to ensure you get the best mortgage when renewing your mortgage term.
No matter what your final decision, it pays to consult a mortgage broker before you sign the “easy” offer from your current lender.
Original Article
https://dominionlending.ca/news/dont-renew-renegotiate/
