Mortgage Renewal- Get informed before talking to a mortgage banker
Avoid common traps set by banks!
Mistake#1 That Most People with Upcoming Mortgage Renewals Make: The Canadian Association of Accredited Mortgage Professionals (CAAMP) states that over 79% of Canadians, whose mortgage terms end, just initial the offers made by their current lenders and return the applications back to their current bank or lender. Starkly though, renewal through a mortgage professional can result in savings of over 50%. To put that into context: The average Canadian could potentially save nearly $5,000 over a 5-year period!
Find Better Deals
Because they know most people blindly accept their renewal offers without checking, banks include the highest rates possible when making those renewal offers. They know they’ll get away with it! In some instances, the offered rates are nearly 2% more than their lowest rates available!
Mortgage Renewal with Confidence
Research is the key to making sure you get the best mortgage that’s right for you. Making the correct choices is all about knowing all the options available, and then evaluating their pros and cons. And that means taking the time to learn all you can about what’s available to you. This article contains some great tips that will put you on the right path to selecting the perfect mortgage that’s right for you!
The first tip involves getting your personal finances in shape. If your financial affairs are in disarray, and your financial records are disorganized, the mortgage process gets that much more complex and complicated. The best thing you can do to help yourself, and your mortgage lender, is to put your financial house in order before setting up an appointment to discuss your mortgage.
Don’t worry though – Even if you are having challenges with your existing mortgage, Mortago is able to help you with your new loan request. Although you may have been rejected previously, this can be a second chance for you. If you are eligible for refinancing your existing mortgage, then simply improving your credit score could qualify you for a much lower mortgage interest rate.
If you are unable to afford a 20% down-payment on your mortgage, then Mortago will comparison-shop on your behalf. There will be multiple offers from various banks for you to evaluate. The rates and terms of each may vary, with some offering reduced down-payment options for slightly increased interest rates.