Mortgage up for Renewal?


Let me explain why your current lender is NOT your friend at renewal time.

Lenders know the mortgage pot of gold comes from renewing their existing mortgage clients because there is virtually no cost to them to resign you. As a result, take a look at the skyline of any major city in Canada; it's no coincidence that the tallest, shiniest buildings are those put up by the same people who lent you your mortgage money.

Typically your current lender will wait until about 30 days before your renewal date to contact you in order to give you very little time to shop around. They will say that you are a valued customer and they appreciate your business. They may even tell you that you will receive special "VIP" rates for your renewal. However look a little closer and you will likely find that they are only offering you their posted interest rates and not their lowest possible rates. If you dare ask for a better rate, they will likely tell you to go shop around and they will match it whatever you can find.

Nice way to treat an existing customer eh?

In reality, most people don't bother shopping around at this point because it's a difficult and confusing process, especially given the time constraints. The good news is that as a Mortgage Agent I can take most of the bother out of this process for you, and at the same time save you money, maybe even thousands of dollars.

More often than not, my lenders will make a commitment to you within 24 hours. Therefore we will have plenty of time to review your options before your current mortgage expires. And because I am working on your behalf and not the banks', you can be assured that your best interests are always looked after.

So don't be fooled by the language in your existing lender's renewal paperwork. It's smoke and mirrors designed to complicate things and make it possible for them to build those tall shiny buildings.