[Source - JOEY FITZPATRICK, The Chronicle Herald - January 5, 2009]
For most of us, a mortgage is the largest single financial responsibility we will ever take on.
While the mortgage market outlook is more positive in Canada than in the U.S., a recent survey suggests Canadians should pay closer attention when it comes time to renew a mortgage. It indicated that homeowners renewing in the past year obtained, on average, fewer than two quotes (1.85) before signing on the dotted line.
"Lenders don’t always offer the same incentives to renewal clients as they do for new business clients," says Peter Veselinovich, vice-president of banking and mortgage operations with Investors Group. "So you really need to be aware of what’s available in the marketplace."
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