Mortgage Refinancing & Renewals

Refinancing

It is important to understand how refinancing will effect your finances and your mortgage.  It is very wise to speak with an experienced and professional mortgage broker and discuss all the options available to you.  Refinancing your home when rates are very low can mean big savings and there are many reasons to consider this option.  Here are a few options many home owners choose to refinance:

  • Consolidating debt and paying off debts like car loans, student loans, credit card debt and other personal loans.
  • Reducing monthly mortgage payments taking advantage of some of the lowest rates in history.
  • Using home equity for home renovations or home additions.
  • Many Canadiens are taking advantage of lower home prices and using equity to buy a second home as an investment or vacation property.
  • Managing life changes like taking care of an aging family member, sending the kids to university, having a new baby, or other challenges like divorce or separation.

There are many reasons to refinance and just as buying a new home, refinancing needs just as much care and attention in order to get you the best possible mortgage for your needs and situation.

We invite you to take a look at a free report that highlights common mistakes homebuyers can make when refinancing their home and what you can do about it before you begin to take action.  Please feel free to contact us at anytime and find out how we can save you money and help you refinance your mortgage so you are able to achieve your desired outcome.

Renewals

60% of Canadiens simply just sign their mortgage renewal each year without any additional negotiations or rate shopping.  Don’t make that mistake.  Don’t blindly throw away your money.

  • 60% of Canadians lose thousands of dollars every year because they did not negotiate their renewal offer.
  • Start Shopping 4-6 Months before your current mortgage expires.
  • Never accept the first offer. (Negotiate)  It is even better to consult with a professional mortgage broker who works on your behalf to help you negotiate or find an even better mortgage for your needs.

While most Canadians spend a lot of time, and expend a lot of effort, in shopping for their initial mortgage, the same is generally not the case when looking at mortgage term renewals. By neglecting to consider other options at the time of renewal, this practice costs Canadian citizens thousands of extra dollars every year. Nearly 60% of borrowers simply sign and send back their renewal that is first offered to them by their lender without ever shopping around for a more favourable interest rate.

Homeowners should never accept the first rate offer from their existing lender. Without any negotiation, simply signing up for the market rate on a renewal is unnecessarily costing the homeowner a lot of money on their mortgage.

Generally it is a good idea to start shopping for a new term between four and six months before your current mortgage term expires. Many lenders send out your renewal letter very close to the time that your term expires and this does not give you ample time to arrange for a mortgage term through a different lender.  Your lender understands this and this is a tactic they use to make more money.

This means that you need to be tracking your own mortgage term timeframe and know when it is time to start shopping for a good mortgage renewal rate unless you have a professional mortgage broker managing your mortgage for you.

Before you ever hear from your lender about renewing your mortgage term, have a licensed mortgage professional shop around for you, you will be amazed at what they can accomplish on your behalf and this can actually result in your saving money on your monthly mortgage payment.

Your mortgage is one of your biggest expenses. For this reason it is imperative to find the best interest rates and mortgage terms you possibly can. By shopping around at renewal time you can save substantial amounts of money over the life of your mortgage loan. Don’t be one of the 60% who just simply sign their renewal letter and send it back. Use the services of a licensed Dominion Lending Centres mortgage professional to ensure the lenders compete for your business.

Feel free to contact us today for a free mortgage analysis and find out how you can save money and find the right mortgage that meets your needs. There is no cost to you for this service. We are committed to finding the mortgage that fits your life plan.

Contact Us Anytime!

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