Mortgage Blog
Your Local Port Perry and Durham Region Mortgage Expert
Have a mortgage coming up for renewal ? You might want to contact Port Perry Mortgages
October 5, 2020 | Posted by: Paul McCormick
It is now more important then ever to use a mortgage broker when looking for a mortgage. The mortgage landscape has changed as a result of the mortgage stress test. Many clients are disappointed at renewal when they are offered a higher mortgage rate from their lender, then a new client could get at the same lender with no business dealings. The banks are happy if you would just accept what they offer.
Most homeowners stay with their existing mortgage lender because they believe it is too time consuming to get a better mortgage rate.
If your mortgage renewal is fast approaching, then now is a great time to look at the many excellent options and competitive rates available. Lenders send out renewal forms just prior to renewal dates to those with good payment histories, with about 70% of homeowners sending it back without asking any questions! In today’s hectic world, that can be the easiest and best route, but you should ask yourself some questions before you sign on the dotted line. This is an important moment of opportunity. This is where an independent mortgage professional like me can help offer advice and options to help you get ahead!
Maybe your mortgage needs have changed. This is the time to decide. For example, you may want to consolidate high interest debt in with your mortgage or you may want to tap some of your home equity for a renovation project? Or maybe you reconsidering a cottage or vacation property. Are you confident you will get the best rate at renewal?
Having multiple lenders compete for your business is a great way to ensure you get the best rate for your situation. I deal with multiple lending institutions, including major banks, credit unions, trusts and other national and regional lenders, which means significant negotiating power behind finding the best mortgage to fit your specific situation. For the most up to date rates visit our rate page at https://www.mortgageandhome.ca/index.php/rates
