Use Renewal Time to Negotiate

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Mortgage Renewals in Canada

Renewal time is approaching. Your bank offers you a rate well above their posted special rate, which they are offering to new customers. Don’t be submissive when your renewal date approaches. You can use this time to negotiate a better rate.

You’ve proved in your term that you are a devoted mortgagor. You’ve made your payments on time for a significant duration; you should not settle for a rate a full percentage point, or more, above what you could achieve elsewhere.

Mortgage renewals need to be regarded the same way that you handled your original mortgage acquisition. You shopped around, you asked questions. You did not blindly sign and accept a mortgage term attributed unacceptable rates.

Utilize the Internet. If the rate your bank is offering you is higher than what you see advertised on other Canadian mortgage websites, contact a mortgage broker and find out what you can save. As a whole, brokers tend to offer the best mortgage rates in Canada.

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