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Feb 9 My Mortgage Is Coming Up For Renewal…Now What?

Posted by: MonsterMortgage.ca

“My mortgage is coming up for renewal…”

Your mortgage term is set to expire soon and you’re not sure when to act.

Should I lock in now?

Should I see how the market moves?

Don’t get fooled by your bank who will likely offer to renew your mortgage at an inflated mortgage rate vs. the market’s discounted mortgage rate.

One of the smartest things you can do is to have a Mortgage Agent shop your mortgage renewal to more than just one bank, all of whom want your business. At MonsterMortgage.ca we do the work for you and we can guarantee you a rate up to four months in advance of your renewal date which can save you thousands of dollars in interest costs.

Reaching out to an experienced Mortgage Broker contributes to your bottom line, not your bank’s.

Quick fact your bank won’t tell you…transferring your mortgage to a new lender with better terms and a better interest rate won’t cost you a dime!

The new lender will typically cover all of your costs. Still not sure, consider the following:

  • Should you be loyal to yourself or your bank? What have they done to earn my loyalty lately?
  • Will I get a better mortgage strategy from one bank or by shopping it to over 20 lenders that will have to compete for my business?
  • Why will my bank offer me their posted rate or their true ‘discounted’ rate along with a four month low rate guarantee?

If you want to learn more about your various options when it comes to renewing your mortgage, call MonsterMortgage.ca today at (416) 480-0234.

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