While most Canadians spend a lot of time and effort 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, 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 favourable 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 the homeowner a lot of money.
Generally, it is a good idea to start shopping for a new mortgage term two to four months before your current mortgage term expires. Many lenders send out renewal letters close to your term expiration, leaving you without 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 should have a licensed professional shopping around for you before you ever hear from your lender about renewal. You’ll be amazed at what an experienced Edmonton mortgage professional working for you instead of the bank can accomplish on your behalf!
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.
“I had a great experience dealing with this company. I was especially thankful that they were able to provide me with a mortgage education. They were also able to get me a better rate with my own bank than I was.”
“When I was asked to do a testimonial, and I was so excited to share my experience. I learned a ton, and felt so involved in the process! I can’t say enough good things about the Mortgage Force Team”
“Great group of people. I can really tell they’re looking out for their clients”
“Being a single mom with rent, groceries, and all the living expenses to cover, I was not able to save up any down payment. Jody was actually able to put me in a program which allowed me to borrow my down payment from the line of credit I had. Thanks to her, I took possession my new condo on Nov 11, 2015”
“I wanted to thank them for getting us in the home of our dreams. Its rare these days to experience such quality of genuine care and service. Thank you”
“These guys rock! I don’t even know where to begin. My experience working with Jody and Sunny on my mortgage renewal has been phenomenal. I recently sent one of my friends to see them, and she also had the same great experience”