“Don’t sign your renewal agreement without talking to someone!” “Get a second opinion”
Canadians spent a lot of time and expense trying to find that right mortgage with good customer service when they purchase a new home. The same cannot be said for their renewals. Between 60%-70% of borrowers simply sign their renewal agreement and send it back to their lender without doing any research. By omitting proper consideration at the time of renewal, this practice costs Canadian citizens thousands of extra dollars every year.
Borrowers should realize they are in a great position. Several years has pasted from the date of their purchase, the mortgage principal has lowered, established good credit and the home value has likely increased over the years, creating more equity in their homes.
Before you ever hear from your lender about renewing your mortgage, have a licensed mortgage professional shop around for you.
A borrower’s mortgage is one of the biggest expenses they will incur in a life time. For this reason alone, it is imperative to find the best interest rate and mortgage term.