Overlooking careful consideration during mortgage renewal could result in Canadians paying thousands more each year. Shockingly, nearly 60% of borrowers opt for the first renewal offer from their lender without exploring better interest rates.

It’s crucial for homeowners to reject the initial rate presented by their current lender. Accepting the market rate without negotiation can unnecessarily inflate mortgage costs. To avoid this, it’s wise to initiate the search for a new term four to six months before the current mortgage term ends. Some lenders dispatch renewal letters too close to expiration, leaving homeowners with insufficient time to explore alternatives. Being proactive in tracking your mortgage term timeframe is key.

Rather than waiting for your lender’s renewal notice, work with the expertise of a licensed mortgage professional for free  to scout for better options on your behalf. You’ll be pleasantly surprised by what they can achieve for you.

Your mortgage stands as one of your most significant expenses. Therefore, securing the best interest rates and mortgage terms is paramount. By actively seeking alternatives at renewal, substantial savings can be realized over the mortgage’s lifespan. Don’t fall into the 60% who blindly accept renewal letters; leverage the services of a licensed mortgage professional to compel lenders to vie for your business.

Please call me at 416 258 9980 or mail at ehsan.khasru@gmail.com