Renewals/Loan Transfers/Switches

CAUTION!! –Before you just accept your existing mortgage lenders renewal offer, shop around. This is likely your largest monthly payment, let us shop your business around and see if we can save you money! Think of how much you make in a two week period working daily, what if you could save that or more just by making a call?

Here are some things to consider when renewing your mortgage:

1. Don’t wait. Start looking four to six months before you are up for renewal, this way you can secure lower rates in advance and should they fall more before you are up for renewal you can take advantage of the lower rate. Should they rise by the time you are up for renewal, then you are protected in a rate hold. Most new lenders will cover the fees to switch or transfer you over to them if you are not in a collateralized mortgage.
2. Don’t just take what they offer. Don’t assume they are giving you the best rate because you are a valuable client. Check what’s out there and negotiate. Never accept the posted rate!
3. Call a mortgage broker. Let us understand your situation and see if there is another option that will be better for you. If we think you should stay with your current lender, we will tell you that too. Remember, there is no cost or obligation to have us take a look at your renewal and see if we can help you get a better mortgage.
4. Take advantage of Switch/Transfer Promotions. Lenders are keen for your business, let us shop you and get a better rate by taking advantage of special promotions to move your mortgage to another lender.