Mortgage Renewals in Canada
If you have a mortgage renewal coming up, your first call should be to a Canada mortgage broker! We'll get you the best mortgage rates and we can lock them in for you up to 120 days before the mortgage renewal. We also make sure there are no costs to you for switching the mortgage to a different bank; in fact any costs not covered by the new lender will be covered by us! We really want your business so let us show you how much money we can save you over the bank mortgage rates offered by your branch, you will be glad you did!
Banks make the majority on their profits on mortgage renewals in Canada. They do this by offering posted bank rates to their clients mere days before the mortgage renewal. Over 50% of clients simply sign the posted rate mortgage renewal on their loan statement; this one simple mistake costs customers thousands of dollars in unnecessary interest charges. With Verico mortgage brokers in your corner, we will make sure you avoid this trap, saving you tens of thousand of dollars over the life of the mortgage. We have the best Verico mortgage rates and we offer you that rate from day one, no games!
So next time you get your mortgage renewal in the mail, take 5 minutes to call us and discuss what we can offer you and what the process is to transfer your mortgage. It is a bit more work to transfer your bank mortgage than to keep it where it is, however when you see the savings for your self, you will know it was time well spent. Mortgage renewals in Canada, just one more way our mortgage brokers work to keep more money in your pocket!
Answers to your most common questions:
1) Why do I have to negotiate with my bank every single time my mortgage comes up for renewal, can't they just give me a great rate from day one?
Well they could and should, but that is not where banks make all their money on mortgages. Fully discounted rates are practically loss leaders, but sell a few mortgages at posted rates as they do on their renewals, and mortgages become very profitable (at your expense unfortunately).
2) Can I just take the rate you offer me to my bank and have them match it?
If you would like to negotiate your rate every few years and keep the status quo with how banks handle renewals, than that is likely the way to go. If you actually leave your bank for someone offering a great rate right from day one, then your bank may actually start to change the way they treat their clients at time of mortgage renewal.
3) I can't stand my bank and I can't wait to move my mortgage, when should we contact you?
If you contact us 120 days prior to your renewal we can get the ball rolling and lock in an interest rate for you.
Mortgage Renewal in Canada
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