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 Edmonton mortgage term two to four months before your current mortgage term expires. Many lenders send out renewal letters close to the 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 Edmonton 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.