There are many Canadians whose mortgages are up for renewal this year.

In 2014 the average discounted 5 year fixed rate was 2.81%, compare that with today’s best averaging around 3.64% and  its no wonder that many Canadians are worried about their mortgage payments on their upcoming renewals. Over 3/4 of renewing mortgage holders are doing everything they can to ensure they receive the best product and pricing available.

How are they doing this?

To ensure the best rate or to choose products that may be better suited-home owners should begin to look at options up to 120 days before their term is up. At 90 days and 60 days there is still time but don’t delay! Leaving it to only 30 days may be a little tight as it might not allow enough time to re-qualify with the new lender and get the new mortgage set up.

First steps:

  1. Find out your current lender offerings. They may have sent you renewal letter with this information or they may request you to talk with one of their representatives.
  2. Contact one of the sisters at Mortgage Sisters West  either by phone or email. We can offer you independent advise because we don’t work for any specific lender- we work on our clients behalf to place them with the best lenders from the entire mortgage market. There is no cost for our service!
  3. If your current lender is offering you the solutions you need at the best pricing then great! We’ll confirm that for you. If there are better products or pricing in the mortgage market- we will find it.
  4. You have options and you have choice!

 

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