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Saving at Renewal

When Ontario homeowners Chris and Sam received their mortgage renewal notice from their bank in January 2023, they were disappointed to see what they were offered after so many years with the same bank. Luckily, they had heard from a friend that a Mortgage Agent named Raoul Hunt could help them save thousands and make the process easy.

Skeptical at first, Chris and Sam reached out to Raoul to see if anything could be done. Raoul met with them to discuss their goals and provided some mortgage options with better rates with all the same features they received from their bank.

Chris still wasn’t sure as he thought there was a catch. He said there must be some fees involved with this. Raoul was happy to explain that since they were transferring their mortgage to the lender they discussed, the appraisal and legal fees would be taken care of and that he didn’t charge a fee with these types of mortgages. Raoul did add that there would be a small discharge fee from their current bank ranging from $250 to $300, and they would recoup that cost in about two or three monthly payments.

So how did it work out? Chris and Sam decided to leave their bank to put some money back in their pocket.

True to his word, Raoul got them an interest rate of .7% lower than their banks offer. While that may not sound like a lot, based on the size of Chris and Sam’s mortgage, it represented a savings of $127 per month and over $6900 in three years.

Update to the story: Chris and Sam are still discussing what to do with the extra $127 per month.