Mortgage Renewal

Let The Edmonton Mortgage Specialists Find Your Best Renewal Choice.

While most Canadians spend a lot of time and effort shopping for their mortgage initially, the same is generally not the case when looking at mortgage term renewals. Mortgage rates are constantly changing and when it’s time to renew your mortgage it’s possible that your renewal rate will be higher than the current market. By omitting proper consideration at the time of renewal, Canadians cost themselves thousands of dollars every year. Nearly 60% of borrowers simply sign the first renewal offered by their lender without shopping for a more favorable interest rate. Never accept the first-rate offer from an existing lender. If your Edmonton mortgage term is ending, simply signing up for the market rate without negotiation on a renewal unnecessarily costs you, the homeowner a lot of money. The Mortgage Force Team will compare the different renewal rates to find you the best rate, so you won’t be paying more than you have to.

Generally, it is a good idea to start shopping for a new mortgage term four months before your current mortgage term expires. Many lenders send out renewal letters close to your term expiration (sometimes even 6 months earlier), leaving you with ample time to arrange for a mortgage term through a different lender. This means that you need to be tracking your own mortgage, and should have one of our licensed mortgage professionals shopping around for you at the time of your mortgage renewal. You’ll be amazed at what an experienced Edmonton mortgage professional working for you can accomplish, not only in terms of rate but personalized service.

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The Mortgage Force Team – Edmonton Mortgage Brokers

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Banks want to make money from you and the higher the interest rate the more money they will make. Renewing at a rate that is half a percent higher compared to somewhere else means the bank is making more money from you. That half a percent can save you thousands of dollars in the long run. The Mortgage Force team will work to save you the most money by finding the lowest rate. Another way to save money on your mortgage renewal is through a buy-down mortgage. The process of a buy-down mortgage is trading money or points for a lower mortgage rate. One point is the equivalent of one percent. Mortgage lenders offer mortgage brokers a discount if the broker regularly brings them business. These discounted points can then be used to reduce the interest rate on certain mortgages. We will work with you to get the best rate, saving you more money on your mortgage. A portion of the profits come from the bond market. The bond market is where the different lenders are given an opportunity to buy the same bond which they then sell back to you in the form of a mortgage. Lenders will hope that you don’t do the due diligence and look for better rates so they can make a bit extra interest from your renewal.

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Your mortgage is one of your biggest expenses, so it’s imperative to find the best interest rates and mortgage terms possible. By shopping around at renewal time you can save substantial amounts of money over the life of your mortgage loan. Don’t be one of the 60% who just simply sign their renewal letter and send it back. Use the services of a Dominion Lending Centres’ Mortgage Force professional to ensure the lenders compete for your business.


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