Renewing Your Mortgage

Banks often send out renewals at higher rates than their best available rates, with renewals frequently offered at posted rates—typically about 2% higher on a 5-year term than the best discounted rates. This practice doesn’t necessarily favor clients, as many may simply sign and return the renewal. In fact, a significant percentage of individuals, around 70-80%, follow this path and unknowingly forfeit potential savings in interest. We can take the reins, comparing offers from various banks, credit unions, and lenders to secure the best industry deal. Our rates generally outperform those offered by banks.

Constructing a strategy to work towards your mortgage-free future is a service not commonly provided by many lenders or banks. Allow us to customize payments, prepayment privileges, and other strategies to expedite your journey to a mortgage-free life.

To secure the best deal, it’s advisable to review your mortgage 4-6 months before its expiration. Check your mortgage statement for the expiry date and flag it for review six months in advance. We can hold a rate for 120 days and monitor rates during that period. If rates decrease, you always receive our best rates.

Given the current low-interest environment, a free, no-obligation mortgage check-up is worth considering. Even after factoring in a penalty for breaking your existing mortgage, there may be substantial savings available.