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Tuesday, June 21st, 2022


Shopping for a Mortgage Renewal

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Mortgage Renewal

While most Canadians spend a lot of time, and expend a lot of effort, in shopping for an initial mortgage, the same is generally not the case when looking at mortgage term renewals. By omitting proper consideration at the time of renewal, this practice costs Canadian citizens thousands of extra dollars every year. Nearly 60% of borrowers simply sign and send back their renewal that is first offered to them by their lender without ever shopping around for a more favourable interest rate.

Homeowners should never accept the first rate offer from their existing lender. Without any negotiation, simply signing up for the market rate on a renewal is unnecessarily costing the homeowner a lot of money on their mortgage.

Generally it is a good idea to start shopping for a new term between four and six months before your current mortgage term expires. Many lenders send out your renewal letter very close to the time that your term expires and this does not give you ample time to arrange for a mortgage term through a different lender. This means that you need to be tracking your own mortgage term timeframe and know when it is time to start shopping for a good mortgage renewal rate.

Before you ever hear from your lender about renewing your mortgage term, have a licensed mortgage professional shop around for you, you will be amazed at what they can accomplish on your behalf!

Your mortgage is one of your biggest expenses. For this reason it is imperative to find the best interest rates and mortgage terms you possibly can. By shopping around at renewal time you can save substantial amounts of money over the life of your mortgage loan. Don’t be one of the 60% who just simply sign their renewal letter and send it back. Use the services of a licensed Dominion Lending Centres mortgage professional to ensure the lenders compete for your business.

The best time to contact us is 120 days before your mortgage maturity date.

Let us get you a better renewal. Incredibly 90% of Canadians renew their mortgage with the same lender — and many simply accept that lender’s posted rate. As mortgage specialists, we’ll get Canada’s leading lenders to compete for your renewal so you’re virtually assured of getting below even the most attractive posted rates.
When your mortgage is coming up for renewal.  If you’ve already gotten a renewal offer from your lender, check with us to see if we can do better. We will re-evaluate your mortgage needs to see if your current mortgage is still the best fit, then we’ll shop your renewal to Canada’s leading lenders to find the best-available deal. To get us started, click here.
When renewal is still a long way off. With mortgage rates near historic lows, there’s a good chance you could save money by breaking out of your mortgage and renewing early.  To see if this makes sense for you. click here.
See if early renewal is right for you.  Give us a call and we will be able to determine if this makes sense for you. If it makes sense for you to renew early – even after paying any applicable early payout penalties from your lender — we’ll find you the best-available rate so you can save even more money!