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Mortgage Renewal and Transfers


About one to two months prior to the expiration of a mortgage, most banks will send out mortgage renewal notices. Banks like to assume that the busy schedules of people will encourage them to simply renew rather than transfer their mortgages. The most unfortunate aspect of this approach on your part is that banks often will only offer you their posted price with little or no discount extended to you, even after you have been a loyal customer with them for some time. Banks win out when they take this approach because people truly are busy. Nearly 60 percent of people sign and return their renewals without considering what the competition has to offer, let alone looking into the rates of other mortgage renewals and transfers.

What you need to do as a wise homeowner is to look into the possibility of mortgage renewals and transfers with other banks or companies. Perhaps when you signed up for a mortgage with one bank it was the best deal out there, but rates are changing all the time and another agency may be offering a better price. Often the price difference is beneficial enough that a few hours of research will pay for itself in savings over the next mortgage term.

In order to look into competing companies, you need a resource to do so. Online mortgage renewals and transfers can be completed through a database that gives you access to leading lending institutions. One agency will not be right for everyone, as each home owner has differing needs, requirements and qualifications. The classic policy of powerhouse banks across Canada is to discount the posted rate up to .75 percent. To get this “fully discounted” price, banks often require a look at your personal investment portfolio. The question at hand is why should your net worth affect your mortgage discount? The real considerations should be credit worthiness and income solidity, not your current worth.

By working with an independent company online, you can acquire much better rates with a mortgage transfer, starting at between 2.00 to 2.75 percent! The ability to gather and compare the rates offered by many institutions is invaluable when it comes to transferring your mortgage. Being able to find the best rates is critical if you want to save considerable amounts of money over the next term. Check out Our Canada Mortgage section for more answers to your important questions about mortgage renewals and transfers.

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