CONGRATS!!! You’ve reached a mortgage renewal!!!! This means that you have reached the end of a term within your mortgage agreement. The question is do you take the offer your current lender has sent you or shop around?
You may think that because you have been a great client and never missed a payment that your current lender will give you the best rate they have to offer. This is not necessarily true. One must remember that banks are in business for a reason and that reason is money thus, just because you have been a great client doesn’t mean you are getting the best offer for your next term.
Typically you can renew your mortgage within 3 months of your renewal date without penalty. This mean that well before your mortgage is due for renewal your lender will notify you of the great rates they can offer you. BUYER BEWARE!!!
It pays to at least look around at what other lenders have to offer for your mortgage renewal. Especially now where we have witnessed 3 significant rate drops within the last year. This is where we, your mortgage broker, can help. We are up to date on all the rates from all the lenders. As your mortgage broker, we are able to secure you a rate hold for 120 days. This means we can guarantee you a low rate 120 days before your renewal. But what many are unaware of is this also means if rates go up in that time you get the guaranteed rate and if rates go down you will get the better rate. This is a great way to go about your renewal because you are guaranteed to get the best rate available within 120 days of your actual renewal date!
So we at Team Jardine definitely think its smart to shop around when looking to renew your mortgage!