If you’ve owned your home for awhile you may find yourself asking questions about mortgage renewals. Your amortization period may have been locked in for a shorter term, or you may have lived in your home for many years. Either way, renewing your mortgage can be a great opportunity for savings.
Shopping around for competitive mortgage rates may not be your forte, but it is ours. With the help of a qualified licensed mortgage broker, shopping for a mortgage renewal can be relatively easy.
Competitive rates are out there, but you’re not likely to be offered them by your current lender if you don’t know about them. We make it our business to have a network of many lenders who can offer you competitive rates. Lenders who will be happy to renew your mortgage and offer better lending solutions than your current bank or mortgage company.
Without shopping around, you may not realize that it is rarely in your best interest to simply renew your mortgage. Your current lender is not obligated to offer you a mortgage renewal. However, most generally will as long as your payments and property taxes have been made on time and you’ve kept everything up to date.
Most mortgage lenders will offer an initial renewal rate that is well above what you might otherwise qualify for. Even in cases where your mortgage lender offers competitive mortgage rates, they may include terms which benefit the lender more than the borrower. You may pay higher penalties or be offered limited prepayment options under your renegotiated terms.
Beyond this, many banks know that they’ve earned your trust over the years. As a trusted lender they assume you will renew with them. Taking advantage of your good relationship, you may not be offered the same deal that a new borrower would get. Even if you consider yourself financially literate and able to negotiate well, a professional mortgage broker may still be able to do better than you versus your bank alone.
Compare your cell phone contract to renewing your mortgage. A new customer may be offered a zero-dollar top-of-the-line phone to sign on with your phone company. As an existing customer, when you upgrade and renew your contract you aren’t offered the same great deal are you? Unfortunately, new business is often valued over repeat business.
You can count on us to help find you the best mortgage rates and lending solutions that make sense. We can help you find a new mortgage that has flexible terms and saves you money. The bottom line is to make sure that you don’t sign your mortgage renewal without negotiating. Since we understand all of the aspects of renewing a mortgage, we can be your best ally in this process. We’ll make sure that you don’t sign a deal that locks you into unfriendly terms or a less than favourable mortgage rate.
A good mortgage broker is not only financially literate and competent at negotiating but has access to a variety of lenders. Our lenders will compete for your mortgage renewal business. With more than 50 lenders in our network, we’ll select the ones who will be most favourable to your circumstances.
When your bank sends you a mortgage renewal they aren’t always acting in your best interest. A bank seeks to increase its profits, and their interest is to protect the company they work for. With a mortgage broker there is no allegiance to any lender. Our primary goal is to get the best rate and terms to suit your individual needs.
We also believe in helping you understand your rate options. Understanding your mortgage rate and amortization terms is essential to choosing the best mortgage for you. For example, should you choose a fixed rate or variable rate mortgage? Should you sign on for a short term (i.e. a 1,2,3 or 5-year term) or a long amortization period of 25 or 30 years?
Knowing that at the end of your next mortgage you’ll be ready to select a new product for your next mortgage renewal, we’ll advise you to accept what’s best for you today – but we’ll keep your future options in mind too.
Working with a broker who knows which lender to approach can have many financing benefits. We’ll consider your equity, payment history, credit rating, and more. We can save you a lot of time and ensure you get the product that best suits your needs.
Even if your circumstances have changed since you applied for your original mortgage, we can find the best rates for borrowers with less than perfect credit or income concerns. Our specialty is assisting borrowers who have faced challenges due to income or credit history.
We have an advantage over other lenders because our many lending partners are willing to find excellent lending solutions for clients with unique and challenging situations.
We know exactly who to approach on your behalf to suit your specific lending needs. We also know who to approach to have our lenders compete for your business. The strength of our network is your advantage as a borrower.
Our common-sense approach to lending will help you obtain a mortgage. We recommend booking a free consultation with our team to review your mortgage application. Our lenders offer flexible lending requirements that can work with your unique business income and accounting.
To make sure you are getting the best mortgage renewal deal possible, start with the brokerage with 30 years of experience and access to over 50 lenders. Contact us today to book a free review of your mortgage application and be approved for your next mortgage.
|Term||Posted Rate||Our Rate||Claim This Rate|
|Home Equity Line of Credit||Prime +1%||Prime +.50%||Claim Rate|
|Fixed 1 Year||3.14%||2.09%||Claim Rate|
|Fixed 2 Year||3.19%||1.99%||Claim Rate|
|Fixed 3 Year||3.49%||2.24%||Claim Rate|
|Fixed 4 Year||3.74%||2.29%||Claim Rate|
|Fixed 5 Year||4.59%||2.44%||Claim Rate|
|Variable 5 Year||5.80%||1.15% (prime -1.30%)||Claim Rate|
|Fixed 10 Year||5.90%||2.99%||Claim Rate|