Renewing Your Mortgage

While most Canadians spend a lot of time, and expend a lot of effort, in shopping for an initial mortgage, the same is generally not the case when looking at mortgage term renewals.

By omitting proper consideration at the time of renewal, this practice costs Canadian citizens thousands of extra dollars every year. Nearly 60% of borrowers simply sign and send back the renewal that is first offered to them by their lender without ever shopping around for a more favourable interest rate.

Homeowners should never accept the first-rate offer they receive from their existing lender. Without any negotiation, simply signing up for the market rate on a renewal unnecessarily costs the homeowner.