Statistically speaking, the majority of Canadians renew their mortgage today with their existing Bank at significantly more than the fully discounted rate available to them in the market place. This ultimately ends up costing the consumer thousands of dollars more unnecessarily, and lengthens the average time it would otherwise take to be mortgage free. As your Mortgage Consultant, I can show you how to save money by not only setting you up with the BEST product by consulting with you, but also by demonstrating to you how I can assist you in paying your mortgage off quicker.
Most mortgage lenders will typically send out a renewal offer to their existing clients approximately 30 days prior to the renewal date with posted rates, which are higher than their best rate. The prudent consumer should begin their search for the best much sooner. At Mortgage Edge, we have the ability to hold rates for 120 days prior to closing for those who wish to apply to secure the best rate well in advance, particularly if rates are on the rise. Don’t make the mistake of leaving the biggest investment of your life until the last moment only to cost yourself thousands. Early renewals at the retail Banking level, (your Branch), are not always what they appear to be and are promoted as a way to ultimately secure a rate before maturity, which again ultimately is not the best rate and costs the consumer more than it should. With Mortgage Edge’s lender network, not only are you guaranteed the fully discounted rate for 4 months, but on renewal, there is no posted rate. The consumer always gets the full discounted rate all the time.
Consumers should be cautious when receiving a call or notice from their lender suggesting an early renewal. Call me today for a more detailed expert analysis on this topic and save.