Mortgage renewals are one of the most neglected decisions made during the life of a mortgage. Many homeowners stay with their existing mortgage lender because they believe it is too time-consuming to shop around for a better rate. Or, they may think the offer from their existing bank is the best deal available. This is not true.
Experience shows that most banks offer to renew clients a discount of .25% off posted rates; as well, negotiating a rate discount with the branch can often be a timely process and will often not lead to the best rate.
If the client does manage to negotiate a better rate, it’s usually a maximum ceiling discount of 1%. This is the maximum the branch allows a mortgage representative to discount any mortgage product. Some special cases are given for clients who have many investments held within the bank. For the most part, however, there are no exceptions made.
All clients are treated with respect, courtesy and privacy. Our best rates are posted and all of our clients are assured the same dedication to finding the best mortgage solution for their needs.
We focus 100% of our time and effort on the mortgage market. This is very crucial when it comes to providing the service and rates that each client deserves.
When your mortgage is nearing renewal (that is when the term is complete) remember these two significant opportunities to save money:
1. Don’t wait for the Bank! Approach your mortgage lending institution months before the renewal date and ask what they can do for you.
2. Keep Asking! Be confident to negotiate with your mortgage provider as to what their best rate on your renewal can be. Then, call us and we’ll beat that rate too, and at NO cost to you.