Home Mortgage Renewals

It's that time again. Your 5 years is almost up...and you are awaiting that handy notice from the bank, that reads like a dinner menu with so many options, but so little information of what exactly you're getting when you order. Yes, it's Mortgage Renewal time again!

Mortgage Renewal time is when all the guessing, wondering and worrying that you did 5 years ago is back for another round. A time that you either celebrate with joy if rates went up or fume with anger if rates went down, as you gambled on whether you made the "right choice" 5 years ago. What box did you check? Did you take the classic “5 year fixed?“ Did all the other options just confuse you? Fixed vs. Variable, Open vs. Closed, Terms from 1 - 10 years. Or, did you at least take the renewal form into your bank to ask for the "Best Option"? Please tell me you didn't just "Mail it in"? Did you? Why you ask...because the renewal forms the bank sends may give you mortgage options...but not their best RATES on those options. As you may or may not know, that dreaded form contains the POSTED interest rates. Signing up for the POSTED mortgage rate, versus the DISCOUNTED rate offered by brokers like myself is the equivalent of paying retail versus wholesale. That is the best way to describe the "Broker/Bank" difference. A bank (trust company, credit union, etc.) is your Retail Store, whereas your local broker is your Discount Wholesaler. Different? Different how you ask? Well, it looks and feels the same, and the only thing you will notice, is more money in YOUR pocket at the end of the day. That is because we as brokers don't haggle on price, you get our best offer up front unlike some places where you have to "play the game". Myself, (and brokers like me), have only 1 initiative, that is to get our client the best product to fit their need at the best rate in the most efficient manner. Don't let the big bank scare you, (I worked at one of the major Canadian banks for 5+ years, I know what I'm talking about!), you do have options, and those options could save you $1000's in interest costs. Why am I telling you this? Because I feel that an "Informed" mortgage client is a "Happy" mortgage client, and I'm all about making people happy. You get the exact same thing, (Mortgage Product), and at a sometimes drastically reduced price.

So, next time you get that letter in the mail asking you to just "CHECK OFF and SEND BACK" with no real guidance or information...instead, contact your local mortgage professional to help fully explain the choice you are making, and the benefit to you the customer in making that choice. We as mortgage professionals are here to ensure that you the customer are paying the "fair market value" on your mortgage interest rate. We look forward to hearing from you!