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. By omitting proper consideration at the time of renewal, this practice costs Canadian citizens thousands of extra dollars every year. Nearly 80% 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 rate offer from their existing lender. Without any negotiation, simply signing up for the market rate on a renewal is unnecessarily costing the homeowner thousands of dollars on their mortgage.
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 your 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. This means that you need to be tracking your own mortgage term timeframe and know when it is time to start shopping for a good mortgage renewal rate.
Before you ever hear from your lender about renewing your mortgage term, have the Collin Bruce Mortgage Team shop around for you, you will be amazed at what they can accomplish on your behalf!
Your mortgage is one of your biggest expenses. For this reason it is imperative to find the best mortgage terms you possibly can. Don't be one of the 80% who just simply sign their renewal letter and send it back. Use the services of the Collin Bruce Mortgage Team to ensure the lenders compete for your business.
My first experience with Collin Bruce was in refinancing an investment condo. He was able to get me a great rate. In addition...
If you're looking for a Mortgage Broker that truly CARE, given them a ring, I'm convinced you won't be disappointed.
We had so many companys deminish our confidence and your efforts and Carrie and Charlenes efforts are so so appreciated
I have been using Colin and Charlene for years and I have had a couple different mortgages through them. They have always asked what I was looking for and gave different options for me to choose.
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