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    March 2014
    M T W T F S S
    « Feb   Apr »


    Use a mortgage broker at renewal time

    Guy Ward

    Use a mortgage broker at renewal time

    As you know, working with a mortgage broker is your best option to get the best mortgage for your particular situation. Of course, brokers have always known that, but research by various companies, including the Canadian Association of Accredited Mortgage Professionals (CAAMP) has shown that it still holds true. Whether you’re moving up or downsizing, refinancing for home improvements or to consolidate debt or if you’re renewing, brokers can still get you the best rates and the best options.Mortgage brokers are now mainstream and attract prime customers who want to explore a variety of options that a bank might not be able to offer. Brokers originate mortgage loans through banks, and non-bank lenders, and our value to consumers is growing.

    That’s good news for you!  As lenders realize the power we have and the clients we can bring to them, they will naturally compete for your business. With access to credit unions, trust companies, banks, non-banks and private lenders we can often get you better rates, in many cases – even at renewal time.

    At renewal time

    When it’s time to renew, the banks usually send a mortgage renewal notice in the mail about one to two months prior to the expiration of the term. The assumption is that you will just pick the term, sign the notice and get it back to them.  The problem for many renewers is that the banks usually offer very little discount and some time no discount at all. Many homeowners renew without researching what the competition has to offer.You probably did a lot of research when you originally bought your home – making sure you got the best rate and the best mortgage product for your situation. Statistics show that renewing with a mortgage broker can get you a discounted rate anywhere from 1% to 1.75%. So it makes sense to do the same research when renewing your mortgage.

    Here are a few tips to help you renew at the best rate and in the best product for you:


    • Start early. Contact me four to six months ahead of renewal time.
    • Research the market. If there’s a better rate out there, and you decide to switch lenders, there are no penalties at renewal time.
    • It’s more than just rate. Don’t focus only on the rate. There may be other options that may appeal to you.


    If you don’t like negotiating or don’t have time to do the research, let me do it for you.  Call me to review your financial situation and tailor a renewal mortgage product that works for you.

    Guy Ward is a Mortgage Broker in Calgary, Alberta with TMG (The Mortgage Group Alberta).




    The MONEY® Network