Over 60% of Canadians do not get the best mortgage renewal rate when they receive their renewal offer. Consumers typically just sign the renewal statement with their current bank rather than renegotiating better interest rates, terms, and conditions. This isn’t the best strategy as you could be missing out on an opportunity to save money.
To transfer a mortgage renewal from one bank to another doesn’t cost you any money. Call your trusted Edmonton Mortgage Broker so we can get the renewal process started and get you the best mortgage rate on your next mortgage term!
Mortgages don’t have to be complicated!! We have top lenders and banks in Edmonton that will give the lowest mortgage rates for your upcoming mortgage renewal so you can save money. Shopping your mortgage 120 days before the renewal date is the best time to get started. We can transfer your mortgage to a better lender with a lower interest rate free of charge.
Reviewing your financing on a regular basis is very important, especially at renewal time. It provides you with an opportunity to save more money. We want to make sure you get the best mortgage rate but also the best product to fit your needs.
I’ll explain the differences between banks and non-bank lenders. Show you how interest rate differential is calculated so you are never stuck paying a big penalty because you broke your mortgage before the maturity date. Lenders calculate their penalties very differently. Some base it on their posted rates while others use a contract rate. Basing a penalty on a posted rate means significantly higher penalties.
Completing a mortgage application early allows Mortgage Tailors to help implement a strategy of your own. We’ll update you on relevant mortgage products and the lowest mortgage rates prior to renewal. We’ll review different payment options and mortgage rates to see what’s the best option for your Edmonton mortgage renewal.
Our job is to stay on top of all the lenders, products, and current mortgage rates for Alberta. We want to make sure you get the best mortgage on your mortgage renewal or any mortgage across Canada. Renewing comes with an opportunity to assess your current financial goals and have it coincide with your financial needs.
There are lenders who offer lower rates however they can come with restrictions. These can include porting your mortgage, prepaying, and inflated penalties if paid out early. I help pick a product that fits your financing needs. The average homeowner stays in their home for 3 to 4 years, then either upgrades or moves. Remember I work you, not the banks. I have a great understanding of all products and. I’ll explain how they work and let you choose. We strive to provide honest advice and. it clearly shows from our client reviews.
Why Not Just Sign the Renewal?
Once you get your mortgage renewal offer, you need to decide whether or not to accept it depending on the interest rate offered. It’s highly unlikely that your current lender that offered you the best rate for your mortgage will offer you the best mortgage rate on your next term. The best option is to have Edmonton Mortgage Broker Eva Neufeld shop, different lenders, to find an ideal mortgage product that fits your specific needs.
Come renewal time, lenders are betting on the fact that you won’t want to deal with switching lenders and the hassle of providing all the documents needed to qualify for a mortgage with a different lender, and therefore aren’t bending over backward to try and keep you. It’s much easier and more convenient to simply accept the terms, sign the document, and send it back, but you could be leaving thousands of dollars on the table because you can probably find better rates and/or more flexible terms elsewhere.
How to Get the Best Mortgage Rate for Your Renewal
To get the best mortgage rate at renewal time, you’ll want to consider switching mortgage lenders. Once you’re within 120 days of your maturity date, I can start shopping around. We have the ability to hold a new, special, rate for you until your renewal date comes around.
If interest rates rise, you are protected. If they drop, you will always get the lowest rate available. You don’t want to early renew before your mortgage term is up because you’ll incur a prepayment penalty from your current bank. Shop around near the end of your mortgage term so that you can choose a new lender with better rates and terms and conditions.
What We Bring To The Table
- We shop for you, free of charge
- No cost switch program
- Canada’s best prepayment options
Are you looking for more information regarding a mortgage renewal in Edmonton? Mortgage Tailors is your local Trusted Edmonton Mortgage Broker. We help with Edmonton renewals and securing the best mortgage rates.
Call Eva Neufeld today at 780.244.0505