Mortgage Renewal
Mortgage Renewal - Should you stay or leave?
Not all mortgages are the same.
Should you renew your mortgage with your bank? This depends on whether you are satisfied with the mortgage rates your bank offers you. Many home owners make an effort to find out and compare the mortgage rates available from other lenders and mortgage brokers.
If you are not happy with what your bank is willing to offer, then you should consider taking your business to another financial institution. You have a great opportunity to take advantage of today’s low mortgage interest rates. Studies showed that over 50% of Canadian home owners signed their renewal and accepted what their financial institutions offered them. Very often they missed the opportunity to negotiate for a better interest rate with their mortgage renewal.
When your mortgage loan is up for renewal, there is little cost to you to switch your mortgage to another financial institution.
How to get the best mortgage rate?
It pays to shop around and find out who can offer you the best mortgage renewal rates. You have to find out whether your bank is offering you the best rates comparable to other lenders. If you can get a better deal elsewhere, you should not hesitate to make a switch. You can contact your local Mortgage Advisor who can help you to renew your mortgage at a competitive rate.
Should you refinance to consolidate your debts?
When your mortgage term is due, it is also the best time to consider whether you should consolidate your loans and high interest credit card debts by refinancing your home mortgage. You should take this opportunity to review you financial commitments and discuss your needs with your local Mortgage Advisor.
