Mortgagenomics Canada

When it comes time to renew your mortgage, most lenders will send you a renewal letter when there is 3 to 6 months remaining on your term. While nearly 60% of borrowers simply sign and send back their renewal without even shopping around for a more favourable interest rate, I would recommend you take a moment to check out your options.Rather than rewarding loyal clients with fully discounted interest rates, lenders tend to provide higher rates to renewing clients versus offering fully discounted rate specials to newly acquired clients. Generally speaking, the path of least resistance (when renewing your mortgage) often leads to higher interest rates. Instead, seek options and second opinions before accepting your incumbent lender's renewal offer. The outcome in doing so can result in thousands of dollars in savings over the course of your next mortgage term.It may turn out that your bank is offering a great rate, in which case you can accept the renewal and move on...but whatever you do, don't