For many people, renewing their mortgage is easy: they just sign the mortgage renewal papers. While this approach is easy, you are unlikely to get the best mortgage rate. If you’re getting ready to renew your mortgage, here are some important things to keep in mind.
The Posted Rate isn’t the Best Mortgage Rate
The posted rate is more like an opening offer at the start of negotiations; it’s usually not the best rate. Often, banks quote the posted rate, then give preferred customers a discounted rate that sounds great in comparison. But even these discounted rates may not be the best available.
Shop Around Before Negotiating Mortgage Renewals
Check online to see what kinds of mortgage rates lending institutions are offering. After you have a good idea of the current rates, ask your provider for a competitive offer on your Calgary mortgage renewal.
Benefits of Mortgage Brokers
When it’s time for your Calgary mortgage renewal, it’s a good idea to talk to a mortgage broker. They have access to multiple lending institutions, so they are likely to get a better rate. Their experience can also help match you with the best mortgage for you.
Being Loyal Doesn’t Improve Mortgage Renewals
Sticking with your bank and regularly making payments on time is great, but it won’t get you a better rate on your mortgage renewal. Often, banks offer better rates to new customers. So, again, it’s best to shop around.
Check the Terms for Calgary Mortgage Renewals
It’s important to carefully read the terms for a Calgary mortgage renewal before signing the papers. The cheapest rate may not be the best option. Make sure you understand any fees or penalties that may apply.
Consider this information before signing your mortgage renewal papers to make sure you get the best deal possible.
At MortgageLine we are committed to finding our clients the best interest rate and will provide them the best mortgage renewal solutions for their individual situation.
MortgageLine is a Calgary based mortgage company committed to helping families succeed. We are here to help you find the best mortgage for your situation and lifestyle. Ready to get started? Apply online today, or contact our team!