I have many clients who get their mortgage renewal letter from their lender, lenders I have sent them to, and they sign without questioning the sign-back rate. They might be working with a retention specialist who makes it seems like they are giving you a great deal, but don’t be fooled. The lender’s interest is to their shareholders, not yours. You are just a means to an end.
Did you know that more than 60% of Canadians who shop for the lowest mortgage rate when they initially got their mortgage, sign their renewal without knowing they could save between .25% to .80% if they had sought a second opinion?