• Top 5 Ways To Get The Best Rate When Renewing The Mortgage

    1. Be The Early Bird

    Most lenders let you early renew up to 120 days before your maturity. In fact, Scotiabank is as early as 180 days. Call your lender to get it feel as to what they may be offering. The call will assist in where current rates are and future mortgage payments might be.

    2. Never Accept The First Offer

    Never accept the first offer of rates. Similar to an insurance company when settling, banks have room to move the rate lower, once you have shopped.

    3. Start Shopping

    As a consumer, getting value is very important, especially with a mortgage. In today’s market, call a mortgage broker who does the shopping for you. If you decide to switch your mortgage, there is normally no cost when the current lender is a major player. Banks and mortgage lenders are starving for loans so there is an excellent chance the best rate today will be with the new bank.

    4. Get The Mortgage Offer In Writing

    Once you have decided who will get your business, do the following: get the rate in writing.

    5. Watch For Changing Rates

    Although the rate you secured is in writing, check to see if mortgage rates have fallen since securing the renewal. If rates have gone up, you are still protected. 

    When mortgage rates were low, the priority of renewing your mortgage did not carry such an important as it does now. Starting early, being an educated consumer and working with an honest mortgage broker ensures you will achieve the best results for you and your family. Please call us if you have any questions.

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