Mortgage Renewal Shopping

While most Canadians spend a lot of time and expend a lot of effort in shopping for an initial mortgage, the same is generally not the case when looking at mortgage term renewals. Omitting proper consideration at the time of renewal costs Canadians thousands of extra dollars every year.

It’s important to never accept the first rate offer that your existing lender sends to you in the mail around renewal time. Without any negotiation, simply signing up for the market rate on a renewal will unnecessarily cost you a lot of extra money on your mortgage.

It would be my pleasure to have the lenders compete for your mortgage business at renewal time to ensure you receive the best mortgage options and rate catered to your specific needs. After all, just because a lender had the best available product or rate for you when you obtained a mortgage one, three or five years ago does not mean the same holds true in today’s market.

With products and rates changing on an ongoing basis, you can’t possibly know what the best offering is for your unique situation without having me – a mortgage professional – do some investigating on your behalf.

It’s my job to look at every rate and product change from each lender – including banks, trust companies and credit unions – every morning to ensure I find the best deals for my clients. I also have the inside scoop on specials available through dozens of lenders thanks to the large volume of business I fund through these lenders each year.

Often times, your existing lender will send a highball renewal rate to their existing clients in the hopes that you will simply sign the renewal form and send it back. Your best bet is to come to me prior to your renewal date or forward the lender’s renewal offer to me before signing anything. That way, you can rest assure you’re getting the best possible mortgage product and rate that suits both your current and future mortgage needs.

Survey finds Canadians may not be benefiting from savings associated with rate guarantees

[Source - CNW Group - ING Canada Survey]
TORONTO, March 24 /CNW/ - A mortgage is one of the biggest expenses a Canadian will take on during their lifetime, yet close to half wait less than 30 days before their home's closing date to secure a rate, according to are cent Angus Reid poll. The poll, commissioned by ING DIRECT, found that 40 per cent of Canadian mortgage holders waited only 30 days or less in advance of the home's closing, while another 27 per cent waited nearly two months.
This last minute behaviour indicates that many Canadians are not taking advantage of the savings inherent in securing rate guarantees which are available as early as 90 to 120 days before a home closes. Analysis shows that those who used the full rate guarantee period of 120 days, saved 0.18 per cent on average or about a $1,800 over five years. These savings are based on a $200,000 mortgage with a 25 year amortization, five year fixed term at 6.96% (average posted five year fixed rate over last 10 years) and paid monthly.
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Your business is important to me. That’s why I want to do everything I can to help you choose the right mortgage. Saving you time and effort.

Please let us know the date of your mortgage renewal — even if it is years away.

I will call you a few months before your renewal date to discuss the alternatives available to help you choose the mortgage that best suits your needs.

Simply click this link: gbarrow@dominionlending.ca to send me an email and include your Name, Email Address, Mortgage Renewal Date.

I would be happy to answer any question you may have regarding your upcoming renewal.

Have a great Day!

Pay attention when renewing mortgage

[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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