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. Before renewing the mortgage with your lender, it is best that you carry out some research before your mortgage term expires to learn of the benchmark rates in the market and how you can get a better rate. Canada is experiencing some of the lowest rates in history, and financial institutions are ready to compete for your business. Some mortgage lenders will guarantee a renewal interest rate for up to 120 days before your renewal date. We arrange most residential renewals at no cost to the borrower, so there is nothing to lose and your money to be saved.
Did you know that you can usually transfer your mortgage at its renewal date with no fees or penalties? Why take the bank’s first offer? We will take your existing mortgage to a number of financial institutions on your behalf to find the mortgage that best fits your needs. A small investment of time on your part could save you headaches later on.
Let Sandhu & Sran Mortgages know your renewal date and we’ll get busy for you.