Renewals/Transfers (Switches

By: Save With Neil  09-12-2011
Keywords: Mortgage, mortgage lenders

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.

Keywords: Mortgage, mortgage lenders

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Self Employed

Where traditional financial institutions have given the answer “No”, Mortgage Edge routinely says “Yes” and gets you a product that suits your needs at an extremely competitive rate. Rental - Construction - Cottages/vacation homes - Multiplex - Investment. Income - Non-verifiable - Salary + commission - Seasonal. Recent job start/change - Work experience outside Canada.



With the high rate of unsecured debt growing at approximately 30% per annum in Canada, and disposable income growing at approximately 3% per annum, consumers on average are spending money much faster than they are making it. Although many home owners hesitate when considering the possibility of taking on more debt against their home in the form of a mortgage, ultimately it may make sense for them to do so for several different reasons.


High Ratio Mortgage Insurance Premiums

There are also programs available by the insurers that allow for the self-employed borrower unable to prove qualified income, to obatin mortgage financing under an Alt "A" program, who otherwise would not qualify under the traditional guidelines. The following is a break down of the premiums depending on the loan to value ratio , for high-ratio mortgage loans offered for programs through both CMHC and Genworth Financial.


First Time Home Buyers

There are also programs available through Genworth Financial and secondary mortgage lenders through a self-insured program, that allow for 100% financing with higher premiums for the greater risk they take on these types of transactions. Just be aware that these mortgages are offered at posted rates, (significantly higher than discounted rates), and the cash back is pro-rated in the case that you re-finance your mortgage.


Repeat Buyers

Something else that the Repeat Buyer should also take into consideration before making a decision on their new purchase and mortgage is whether or not the product they currently have with their existing lender is right for them. There are variations of products in the market place today, which can assist you in paying off your mortgage quicker.



With our pre-approvals, we provide a four month rate hold, and purchasers can be at ease with the buying process in order to make sure they purchase the home that best suits their needs. This process also provides First-Time Buyers a great opportunity to become more educated by asking all their questions well ahead of time so that there are no surprises.