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Mortgage Renewals: A Fresh Look

Starting Off: Sarah’s Story

Imagine Sarah, a nurse in Ontario. She’s got a great credit score, a good chunk of money for her down payment, and she’s been at her job for a long time. No big money troubles, just a regular, reliable person. Now, her mortgage renewal notice arrives. Should Sarah just re-sign with her bank, or should she look around?

A confident woman in a blue nurse's uniform with a badge stands with her arms crossed. The text overlay says "MEET SARAH" with a caption below reading "renewal tips DON'T JUST SIGN ON THE DOTTED LINE" and the handle "@kelly_haick". The phrase "*story for illustrative purposes only" is at the bottom.

Why Looking Around is Smart

Mortgage renewal isn’t just a formality. It’s a chance to get a better deal. Here’s the scoop: Almost half of Canadian mortgages are up for renewal every year. But, a lot of people (about 27%) just stick with their bank without checking other options.

Here’s why exploring can be good, especially if you’re like Sarah with a strong financial history:

    1. Finding Lower Rates: Different lenders offer different rates. Even a small rate change can save you a lot.

    1. Discovering New Options: Different lenders have different mortgage plans. You might find one that fits your current needs better.

    1. Using Your Good Standing: With your good financial record, you have power to negotiate better terms.

    1. Matching Your Current Needs: Your life changes over time, so maybe your mortgage should too.

Success Stories

Like John, a self-employed guy from Toronto. When his mortgage renewal time came, he didn’t just sign with his bank. He talked to a mortgage broker and ended up with a better rate and a payment plan that suited his income.

Conclusion: Seize the Chance

Mortgage renewal time is a chance to rethink your mortgage and maybe get a better deal. By not just signing up again with your current lender, you might find better rates or a mortgage that’s more suited to you now.

So, when it’s time to renew, think about this: Are you ready to look for new possibilities and maybe save a lot of money?

Start the process today Provide me with your renewal date and I will reach out closer to the date to ensure you have the best rates and options available for YOUR needs.

 

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