Committed to making your mortgage approval process stress free and efficient for over 25 years, Sunlite Mortgage is one of Toronto, Canada’s leading mortgage brokerages.
If you have a mortgage, chances are you’ll be doing a mortgage renewal when your current term has finished.
While most Canadians spend a lot of time, and a lot of effort, in shopping for an initial mortgage; the same is commonly not the case when looking at mortgage renewals.
Mortgages are amortized (over a set term) which can vary from 1-30 years and the longer the amortization the lower the monthly mortgage payment.
About 6 months before the end of your term, your current lender will want to retain your mortgage business by trying to entice you with early renewal offers. Beware – they don’t usually offer the lowest mortgage rate with their mortgage renewal offer. They usually offer between a one and a five-year term and hope that you will be loyal, sign the form and send back to them.
Lenders know that 80% of people will sign their renewal forms because it’s easy and most people aren’t informed. Banks & Lenders are businesses and therefore they want to make the highest profits to keep everyone happy.
Be an informed consumer and take the time you need to ensure you are being offered the best possible rate & terms you can get.
Yes, signing the renewal document is easy, however, it’s in your best interest to take a more proactive approach. Money in the lender’s pocket comes directly out of your pocket… so it’s time to be informed and get to work!
Your mortgage is one of your biggest expenses. For this reason, it is so important to find the best interest rates and mortgage terms you possibly can. Contact a Sunlite Mortgage Agent to help find the best option for you!
There is a lot to discuss mortgage renewals