In a recent survey published by the Canadian Association of Accredited Mortgage Professionals regarding the Canadian residential mortgage market, respondents noted that they used a bank 61% of the time when it came time to renewing their mortgage vs. 18% that used a mortgage broker. More than any other stat in the mortgage industry this one I find most upsetting because it is at the point of renewal when consumers are lured by the banks’ marketing tactics which end up costing consumers thousands of dollars in interest payments.
Make sure you look after your own best interest when it is time to renew your mortgage. Remember, there is no cost to switching lenders, only a mortgage broker can shop your mortgage to more than just one bank (including your existing one) and make sure you receive a four month low rate guarantee…IT’S FREE!!!