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.
For a free review of your current mortgage and to receive a customized mortgage plan for your renewal based on your personal needs, please give me a call or fill out the online mortgage review form (Click Here).
He helped us secure great rates with my home and my rental property and answered any of our questions we had. Very knowledgeable and I would recommend him to all my friends and family.
– Arnold Yu, 2021
I went with a bank for my first mortgage which was so stressful, using Dustin for my second made it so much easier! I would never use a bank again.
– Meriah-Jo Breckenridge, 2022
Dustin was awesome to work with. He went above and beyond in helping renew my mortgage. I would definitely recommend Dustin to anyone looking for a mortgage broker. Thanks Dustin!
– Ian Sully, 2022
We worked with Dustin on the purchase of our first home and he was very helpful during the whole process. He was extremely knowledgeable and was very thorough in answering the many questions/concerns we had. Dustin was professional, yet very easy to talk to and approachable. Dustin went the extra mile to help us when some things went array after closing, which wasn’t anything preventable by Dustin or ourselves. This was very appreciated, and Dustin was able to help us navigate through it. We would definitely recommend Dustin to anyone purchasing a house and we look forward to working with him in the future!
– Breanne Sharpe, 2021
I recently switched over my mortgage with Dustin. He was very knowledgeable on how I would be able to save money by renewing early. His helpfulness, professional manner & efficiency are commendable. I will highly recommend using DW Mortgage to others.
– Jamaiz Ali, 2021