Congratulations on your maturing mortgage! Now is a great time to look at the different options and competitive mortgage rates available. Banks will send a mortgage renewal notice in the mail usually three to four months prior to the end of term. Unfortunately, the banks only offer their owns posted rates or promotions, try to keep you away from shopping around. Their intentions are to make you stay with them, not to give you the best rates out in the market.

Tips to get lower rates for your mortgage renewal

Get Going Early
Start shopping around for a better rate two to four months before your mortgage is up for renewal.

Do Little Homework
Find out what other lenders are offering, before negotiating a lower rate from your bank. We keep up with the lowest rates in the Market. See our mortgage rates.

Review Your Financial Situation
Ask yourself some questions:

• How long do I plan to stay in my home?
• Should I consolidate other debts into mortgage?
• Which term makes the most sense for me?
• Should I choose a fixed or variable interest rate mortgage?
• How can I save money and pay off my mortgage faster?

Consider Changing lenders
If your lender isn’t offering you the lowest rate in the market. Consider changing them. Lot of people renew with their lender and don’t switch to another lender, despite the fact that they could get lower rate. There is no penalty if you switch at renewal time.

Broker a deal
If you are busy and don’t have the time to research rates or don’t like negotiating, We will do the legwork for you — usually the services are free, since we are paid a commission from the lenders.

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