As easy as this all sounds, the rates offered to you at your renewal are usually the posted rates which are much higher than the discounted rates offered by many lenders. They are much higher than what they would be if you were a brand new client. It hardly seems fair that because you are not a new client, they do not provide you with the same treatment, especially considering you have your mortgage with that institution already. The interest rate that the lenders usually give can be as high as 1% more than what you could get by going through a mortgage broker. Over the course of five years, that 1% difference can save you thousands of dollars in interest!
Our mortgage specialists here at Discount Mortgage Canada Inc. can arrange for you to get the best rate at no cost. There is no need to call your current lender and try to convince them to give you a better rate when you can call us and we will take care of everything for you. The best part is that we can get another lender to include any costs that your current lender is going to charge you at renewal. Sometimes lenders will charge a renewal fee or discharging fee if you choose to leave. We can arrange it so that the new lender will include such fees so that you do not have to pay this money out of your pocket.
The best strategy that you can have is to contact us 120 days before your mortgage comes up for renewal. We will offer you the best interest rate at that time and should interest rates decrease within the next 120 days you will automatically get the lowest rate. This way if rates should go higher you will be guaranteed the best rate and not be affected by the increase.
Apart from the great interest rate savings you can get by transferring your mortgage, a Discount Mortgage Canada Inc. mortgage specialist can review your situation with you to determine what kind of mortgage is best. You might be interested in a variable rate mortgage, a line of credit, or perhaps you’d like to consolidate some debts at the same time. There are many situations to consider and our mortgage specialist can cover all of the bases for you to ensure that you get the best product and best interest rate possible.
How much can you save based on current rates?
Here is a comparison of the current rates the bank will give you and the rates that we can arrange on your behalf on a $300,000 mortgage.
DMC helped Scott find the lowest rate for his mortgage without having to shop around.Learn More
How do you qualify for a mortgage?
Do you know what criteria is involved to qualify for a mortgage?
This short 5 minute video will take all of the mystery out of the approval process so you’ll be better informed when shopping for a mortgage.