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

While this may be convenient, it can be more costly for you, the borrower.

By taking some time to consider your options at the time of renewal, it may save you thousands of dollars every year.

Nearly 60% of borrowers simply sign and send back their renewal that is first offered to them by their lender without ever talking to a mortgage professional like me for a more favourable interest rate.

Homeowners should never accept the first rate offer from their existing lender. Without any negotiation, signing up for the market rate on a renewal is costing the homeowner a large sum of money on their mortgage.

Generally it is a good idea to start searching for a new term between 4 to 6 months before your current mortgage term expires.

Many lenders send out your renewal letter very close to the time that your term expires and this does not give you ample time to arrange for a mortgage term through a different lender.

This means that you need to be tracking your own mortgage term timeframe and know when it is time to start looking for a good mortgage renewal rate.

Before you ever hear from your lender about renewing your mortgage term, have a licensed mortgage professional like me look for you, you will be amazed at what we can accomplish on your behalf!

Your mortgage is one of your biggest expenses and lifetime investments. For this reason it is imperative to find the right interest rate and mortgage terms for you.

By looking around at your renewal time you can save substantial amounts of money over the life of your mortgage loan.

Take control now, ensure the lenders compete for your business, and become one of the 40% who invest in their future.

Contact me, or Apply below to get the right mortgage for you!

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