Why Should I Contact 1ONEFUND Financial at Mortgage Renewal Time?
Most Canadians don’t think twice about their mortgage renewal. Usually what happens is, they receive a letter from their bank or other lender which lets them know that their mortgage is up for renewal. In most cases, this letter is accompanied by a renewal form for the homeowner to sign which outlines the terms and new interest rate for the mortgage renewal. The homeowner signs the form, the mortgage is renewed with the same lender and that is that.
Unfortunately, homeowners who take this course of action could be giving up thousands of dollars in savings. That is why, it is always best to consult with your mortgage broker before singing any mortgage renewal agreement.
Make Sure You Get the Best Rate
Lenders know that most homeowner are not motivated to shop around for the best mortgage rates at their renewal time. Because of this, lenders don’t have much incentive to offer their best rates. By working with a mortgage broker that has access to dozens of different lenders, you can be confident that you are getting the best possible rate.
Even if you are happy with your current lender and wish to remain with them, just knowing what other lenders are offering can often help you to negotiate a better rate.
Make Sure You Get the Best Terms
Just because a five year fixed mortgage was the right choice for you five years ago doesn’t mean that it is still the right choice today. At mortgage renewal time, your lender will most likely offer you the same type of mortgage you had before – even though your circumstances may have changed.
At mortgage renewal time, you have a good opportunity to investigate whether you should change from a fixed rate to a variable rate mortgage or vice versa, or a shorter or longer amortization period. Your mortgage broker will be able to run some calculations for you and help you determine whether you should stay with the same type of mortgage with the same terms, or whether you should now be switching to something different.
Feel Confident that You Made the Right Choice
Even if you decide that your current lender’s current offer is the best choice after all, by sitting down with a mortgage broker, you can make the decision confidently knowing that you have explored all your options.
If your mortgage is up for renewal, contact 1ONEFUND Financial today and let us help you explore your options.