Stats show that most Canadians don’t put in similar effort while renewing their mortgage shopping for an initial mortgage. This practice potentially costs Canadians thousands of extra dollars every year. Nearly 60% of borrowers simply accept the renewal offered by their lender without even shopping around for better interest rate. We would never recommend it.
It’s a good idea to start shopping for a new term between 4-6 months before your mortgage renewal. Before you ever hear from your lender about renewing your mortgage term, let us shop around for you, you will be amazed at what we can accomplish on your behalf!
For most Canadians, home mortgage is one of their biggest expenses, so it is imperative to find the best interest rates and mortgage terms one possibly can. This is an important moment of opportunity. Having multiple lenders compete for your business is a great way to ensure you get the best rate for your situation.
Raj Gera, licenced Mortgage Professional with Dominion Lending Centres Pro-lending serving areas of Oakville, Hamilton, Burlington, Toronto, Grimsby, Stoney Creek, St. Catharines, Brantford, Niagara Falls, Kitchener, Waterloo, Milton, Mississauga, and the Greater Toronto Area.