Mortgage Renewals

One of the most common questions I am asked when meeting with clients who have taken their first mortgage is: “what do I do when my term is up?”. My answer is always the same: you will hear from me. An overwhelming majority of clients sign up with their current lenders when offered a renewal without ever shopping around. Yet, many lenders do not offer the absolute best rates for these clients, especially in such a fluctuating rate market as we see now. Remember: it is your money and you should be protecting it by shopping your renewal around as much as possible. There is always enough time to move the mortgage elsewhere, and who knows what other options we may be able to offer at that time?

Renewal time is further made easy because of the increased equity you have already built up in your home. It's also a great time to fine-tune your payment strategy to make sure you're beating the principal down as much and fast as possible.

“Our bank offered us over half a mortgage point higher when renewal time came. Within minutes we were pre-approved elsewhere and managed to not only save in the long-term, but switch to bi-weekly payments, thanks to Jake. Fantastic help as always”
--Michael and Sarah, Renewal clients in 2009

A mortgage rate can be held up to 120 days prior to your mortgage coming up for renewal. That will give us a lot of time in order to shop the best rate around, and secure your best rate with the current bank, or another one. Best thing? You will not pay any fees!*

*on mortgages over $150,000 we will cover an appraisal fee if any.