Watch that mortgage renewal date

Watch your mortgage renewal statement and ensure your renewal does not sneak up too quickly or you will not have time to negotiate the best deal !

Did you know, in Canada, that your current lender must send you a renewal statement at least 21 days before the end of your mortgage term. I suppose that lenders wait this late to send you a renewal notice so that you have little time to negotiate or shop around for a better mortgage rate. When you receive your renewal, you will probably be very surprised to see that the rates offered are not the lowest or most competitive rates in the market.

Give yourself more than 21 days to explore your mortgage renewal.

Find your mortgage contract or your latest annual mortgage statement to find out what your exact renewal date is then mark your calendar to begin looking about 30 – 45 days before your renewal date. If your bank has not given you the most competitive or lowest rate, you do have the option to leave that lender.

Ask yourself this question……if you have good credit and a good mortgage re-payment history, with your current lender, WHY would you spend your time badgering your bank for a better rate when you are entitled to the best rate the first time?  Call me so I can show you how you can SWITCH your mortgage lender and at NO COST to you.

This blog was submitted by Elizabeth Blair, a Licensed Mortgage Agent with Mortgage Edge located in Richmond Hill, Ontario, Canada.   Elizabeth services clients in Toronto and all over the Greater Toronto Area, including Mississauga.

You can contact Elizabeth directly by phone at (905) 510-5785, by email at Elizabeth@missmortgage.ca or visit her website at:    www.missmortgage.ca

Elizabeth is licensed with the Financial Services Commission of Ontario and is also a Member of IMBA (the Independent Mortgage Brokers Association of Ontario) www.imba.ca