How About Getting the Lowest Mortgage Renewal Rate?

When your mortgage is up for renewal, you don`t have an obligation to stay with your current lender. You will stay with them, of course, if they offer you the best mortgage renewal rate. However, it is a common knowledge that the banks very often offer better rates to new clients than they do to their existing clients.

So, it is important that you secure the lowest mortgage renewal rate on time, to prevent potential increases in interest rates. How can this be done?

As your mortgage broker, I can approve you for a lowest rate on the market up to 4 months prior to your renewal date. Your existing lender will typically not call you for renewal up to a month, month-and-a-half prior to your renewal date, which can be a disfavor to you, since the rates could increase in the meantime.

Once the rate is approved with another bank, we let it sit until closer to your renewal date. If the approved rate by me remains better than what you are getting with your own bank, we start the transfer procedure. If not, you simply renew with your own bank. You can`t lose.

And if your mortgage is of conventional registration, and you are not asking for new money, there are no fees associated with transferring your mortgage to another bank.

 



### Posted on: October 15, 2012 by Tino Brelak.

    MORTGAGE APPLICATION

    Submit Online Application


    LET'S CONNECT
   Call: 416-305-4435

   


    OTHER ARTICLES
2015: Busiest year ever in one market
[Posted on December 09, 2015]

Fall-a-la-la-la-la-la-la-la...
[Posted on October 24, 2014]

How Are Rates Determined in Canada?
[Posted on March 01, 2013]

The Importance of Life Insurance
[Posted on February 18, 2012]

What is happening with the interest rates lately?
[Posted on January 15, 2012]

Preparing Your Children for Their First Mortgage
[Posted on January 15, 2013]

Being Mortgage-Free Sooner rather than Later
[Posted on October 30, 2012]

How About Getting the Lowest Mortgage Renewal Rate?
[Posted on October 15, 2012]

Mortgage Industry Changes
[Posted on September 30, 2012]

To Refinance Or Not To Refinance? - That Is The Question
[Posted on February 08, 2011]

How to Buy 15 Investment Properties with Minimal Income
[Posted on February 15, 2011]

Mortgage Financing Changes
[Posted on February 01, 2011]

DESIGN BY MULTIIDEA + DEVELOPMENT BY ABACUS