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?
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:
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- Finding Lower Rates: Different lenders offer different rates. Even a small rate change can save you a lot.
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- Discovering New Options: Different lenders have different mortgage plans. You might find one that fits your current needs better.
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- Using Your Good Standing: With your good financial record, you have power to negotiate better terms.
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- 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.