Mortgage Renewals

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 simply think that the offer from their existing bank is the best deal available. This is not correct.

The fact is that each Bank branch acts as a separate profit centre independent of the Head Office.  They are rewarded and paid based upon the profitability of their over all mortgage portfolio.  They know that most homeowners don't want to go through the hassle of shopping around, and possibly having to re-qualify for their mortgage at a different Bank, so, they offer you a higher rate and hope that you will take it. 

Our experience has shown that most banks offer their renewing clients a discount of .25% off their advertised rates. If a client wants to discuss a rate discount with the branch they belong to, they usually receive a response no sooner than 5 days.

If the bank wants to keep your business, shouldn't they respond in a timely manner with a deep discount for a returning client? At Mortgage Best Inc., all clients are treated with the respect and courtesy they deserve. The best rates are always offered and there is no consideration for one client over another.

If the client does manage to negotiate a better rate, it’s usually a maximum ceiling discount of .50%. This is all the branch allows the mortgage representative to discount any mortgage product. Some special cases are given for clients who have many investments held within that bank, but for the most part there are no exceptions made.

Some homeowners are smarter than others, and they negotiate for a better rate.  This usually results in a rate that is 0.50 - 0.75% better than what was originally offered in the renewal process.  The smartest homeowners call a mortgage broker! 

We are able to gain competing offers on your mortgage business and we usually return with a rate that is -1.00 to -1.75% better than your Bank would offer you.  That's right, - 1.75% better!  This can translate into incredible savings!  (See below with only a -1.50% savings)

If your mortgage is up for renewal, or you are looking to increase your mortgage on more favourable terms than you are being offered by your current mortgage company, we will do your mortgage shopping for you. We will find you a mortgage at the best rate currently being quoted in the market for the term and on the conditions you want. Provided you are a “qualified borrower” with respect to the amount you want to borrow, there is no fee payable to us for this service.

Imagine saving over $129 per month, and reducing your mortgage by an additional $3,000 in 5 short years!

Here's an example for you to consider:

In addition to a better rate, we can usually tailor fit a mortgage product to your specific needs.  We fit a Lender's product to your specific desire to have a flexible mortgage versus a closed mortgage, or a variable term versus a fixed term, etc.  We deal with over 35 Lenders, so options are always available!

Arguably the best reason to use us for your mortgage referral is that we know the “ins and outs” of obtaining the best rates.  The secret is that you can secure your renewal rate up to 180 days before your mortgage actually renews. This often helps you save thousands of dollars in interest.  For instance, if your mortgage renews on July 1st, we can secure a new rate for you as early as March 1st.  It often happens that rates fluctuate every 60 days, so, you will often be able to get a preferred rate through us.

Interest rates have not been this low for many years. Let us do the running around for you. We will find the best rate for you to renew your current Mortgage while saving you possibly thousands of dollars.

Contact one of our highly skilled mortgage agents to help save you money.

Apply on line now OR Call our office today at 877-771-2378

It's fast, easy, confidential, and will save you money!