Shopping for a Mortgage Renewal?

While most Canadians spend a lot of time, and effort, in shopping for an initial mortgage. The same is generally not the case when looking at mortgage renewal.

At the end of your mortgage term, as long as you still owe a balance. You will need to renew your mortgage for another term. And with each mortgage renewal comes the opportunity to assess your current mortgage, and compare it to any new financial goals you may have.

Nearly 60% of borrowers simply sign and send back their renewal that is first offered to them by their lender- without ever shopping around for the best mortgage rate. This is usually a costly mistake as most banks, credit unions and trust companies will not offer you their best rate at renewal time. We can track the rates on the market and find you the lowest rates with the best pre-payment privileges.

Mortgage Renewal Process

  • Generally, start shopping for a new term between four and six months before your current mortgage term expires. Many lenders send out your renewal letters close to the time that your term expires- and this does not give you enough time to shop for a mortgage term. Track your time frame, and know when it’s time to start searching for a good renewal rate.
  • Have a licensed mortgage professional shop around for you. You will be amazed at what they can accomplish on your behalf!
  • Along with other financial goals, you should make a list of what you’re looking for in a mortgage product. Visit our calculators for financial options.
  • Be ready to renew in the last 30 days. You’re protected from any potential rate increases during that time. However, you should have enough research to know what the best mortgage rate on the market is.
  • Make a decision- After shopping around, considering your financial goals, outlining your needs, and receiving a mortgage renewal offer from your current lender. It’s finally time to make a decision.

Your mortgage is one of your biggest expenses and decisions. Because of this it’s imperative to find the best interest rates and mortgage terms you can. By shopping around you can save substantial amounts of money over the life of your mortgage.

Call a Sunlite Mortgage agent today at 1.877.38LOANS and we will be happy to help you find the mortgage lender with the best mortgage rate for you.

Your Bank's Home of Trusted Mortgage Brokers