Don’t renew your mortgage with your eyes closed
Date Posted: February 22, 2012
A recent survey shows that 65% of Canadians do not compare between lenders when their mortgage comes up for renewal. It may be the easiest route to simply renew with your original lender. However, renewing at a lower rate can mean the difference of thousands of dollars in interest.
This article illustrates that there are several reasons to do some comparitive shopping before renewing your mortgage. Your mortgage needs are likely different now than they were when you originally purchased your home, or even the last time you renewed. Renewing at a lower interest rate can lower your monthly payments, giving you more financial freedom. You may even be able to use the equity you have built towards home repairs, renovations or even debt consolidation.
If it's time to renew your mortgage, consider your options. Enlisting the services of a professional mortgage broker can be of substantial benefit to you.
E-newsletter
| Term | Bank Rate | Our Rate |
|---|---|---|
| 6 Month | 4.55% | 4.25% |
| 1 Year Closed | 3.65% | 2.74% |
| 2 Year Closed | 3.89% | 3.04% |
| 3 Year Closed | 3.99% | 2.99% |
| 4 Year Closed | 4.39% | 3.15% |
| 5 Year Closed | 4.99% | 3.29% |
| 7 Year Closed | 5.99% | 3.89% |
| 10 Year Closed | 6.29% | 3.89% |
| VRM Closed | 3.1% | 2.90% |
| Line of Credit | 4% | 3.50% |
