Mortgage renewals are one of the most neglected decisions made during the life of a mortgage. Many homeowners stay with their existing mortgage lender because they believe it is too time consuming to shop around for a better rate. Or, they may think the offer from their existing bank is the best deal available. This is not true.
When your mortgage is nearing renewal, remember these two significant steps to save money:
1. Don’t wait for the Bank! Approach your mortgage lending institution months before the renewal date and ask what they can do for you.
2. Keep Asking! Be confident to negotiate with your mortgage provider as to what their best rate on your renewal can be. Then, call us and we’ll beat that rate too, and at NO cost to you.