Mortgage Renewal

By: Dominion Lending Centres Mortgage Services Inc.  12-10-2011
Keywords: Services, home equity, Vacation Property

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.  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.

Keywords: Bad credit, Canadian, home equity, Loan Refinancing, mortgage refinance, renewal, self-employed, Services, Vacation Property

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