Many Canadians whose mortgages are up for renewal simply renew with their bank or other lending institution without first shopping around to see if they can get a better rate. This is a mistake that could end up costing thousands of dollars. Worse, it could mean that they will still be paying for their homes years longer than is necessary.
Even those that are loyal to their lending institution would do well to shop around before renewing because knowing what other lenders are willing to offer will frequently give homeowners more leverage to negotiate a better rate.
If your mortgage is up for renewal, one of the best decisions you can make is to work with an independent mortgage advisor.
It pays to work with a mortgage advisor when it is time to renew your mortgage
As a VERICO mortgage advisor, I have access to over fifty different lenders so I can shop the market to help you find the best rate. A small reduction in your mortgage interest rate can mean saving thousands of dollars over the lifetime of your mortgage. In other words, you could end up paying off your home years sooner!
Another advantage of working with a mortgage advisor is that when the time comes to renew,it may be appropriate to change the type of mortgage you have. For example, it may be time to change from a fixed rate mortgage to a variable rate mortgage – or vise versa depending on your financial situation and risk tolerance.
Having the right type of mortgage in place can be just as important as getting the right rate. I can help you understand the pros and cons of various lending solutions so that you can feel confident about your decision.
I work for you
The main problem in dealing directly with lending institutions is that their salespeople work for them – selling you only the products that they offer. While they may, in fact, be very good products, they may not be the best products for you. When it comes to mortgage renewal, each situation is unique and should be treated as such.
Since I work independently from traditional financial institutions, I will shop around working on your behalf and only recommend the products that are appropriate for your situation.
I will also take the time to help you understand the terms of your mortgage renewal so that you can make an informed decision.
Pay off your mortgage sooner
Your mortgage may be up for renewal today, but can you imagine what it will be like when it is finally paid off? What will you do with that extra money?
My goal is to help you reach that day sooner.
Don’t make the mistake that so many other Canadians make when they renew their mortgages. Instead, let me shop around to help find you the best rates and terms possible for your mortgage.
Even if there is still some time left before you have to renew your mortgage, it makes sense to plan ahead. Contact me today for a consultation.