While most Canadians spend a lot of time, and expend a lot of effort, in
shopping for an initial mortgage, the same is generally not the case when
looking at mortgage term renewals. By omitting proper consideration at the
time of renewal, this practice costs Canadian citizens thousands of extra
dollars every year. Nearly 60% of borrowers simply sign and send back their
renewal that is first offered to them by their lender without ever shopping
around for a more favourable interest rate.

Homeowners should never accept the first rate offer from their existing
lender. Without any negotiation, simply signing up for the market rate on a
renewal is unnecessarily costing the homeowner a lot of money on their

Generally it is a good idea to start shopping for a new term between four
and six months before your current mortgage term expires. Many lenders
send out your renewal letter very close to the time that your term expires
and this does not give you ample time to arrange for a mortgage term
through a different lender. This means that you need to be tracking your
own mortgage term timeframe and know when it is time to start shopping
for a good mortgage renewal rate.

Before you ever hear from your lender about renewing your mortgage term,
have a licensed mortgage professional shop around for you, you will be
amazed at what they can accomplish on your behalf!

Your mortgage is one of your biggest expenses. For this reason it is
imperative to find the best interest rates and mortgage terms you possibly
can. By shopping around at renewal time you can save substantial amounts
of money over the life of your mortgage loan. Don't be one of the 60% who
just simply sign their renewal letter and send it back. Use the services of a
licensed Verico mortgage professional to ensure the lenders compete for
your business.
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