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.


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