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"Empowering clients to make sound mortgage and financial decisions through education"

Thursday, December 16, 2010

Mortgage Renewal Time - An Opportunity To Save!

Many Canadians renew their mortgages like they renew their subscription to Time or Sports Illustrated.  A couple of months before the renewal date the notice comes in the mail, you sign on the dotted line and your set for the next 5 years, no hassles, no worries... Approximately 70% of the homeowners sign the forms without even checking the terms and conditions of the loans...But at what cost?

Many Canadians simply do not view their mortgage renewal as a time to shop around for better mortgage rates and terms and are losing out on several opportunities to get their mortgage paid off faster and possibly save tens of thousands of dollars.  

In addition to looking for a better interest rate and flexible terms this is also a good time to re-evaluate your family’s financial needs. There may have been significant changes since you signed off on your last mortgage like increases or decreases in family income or your overall debt load.  Maybe you’re looking for more flexibility in your payments because you’re going to be paying for your kids University Tuition for the next 4-5 years.  Whatever the case, you can shop around for a suitable mortgage that meets your immediate family needs.    
  
If you need help sifting through the mortgage products available to you, a Mortgage Broker or Agent can provide you with the guidance you’re looking for.  Mortgage Brokers have access to multiple lenders so they can shop around on your behalf.  They also deal directly with the mortgage underwriting department of the financial institutions giving them access to preferred rates and discounts.  

Add to this the fact that Mortgage Brokers get paid by the financial institution and not the client they are doing the work for and you have to wonder why anyone would not take advantage of the services they provide.

Your mortgage renewal date should always be viewed as a new opportunity. Once you have re-evaluated your current financial needs, shopping around for your next mortgage could result in you being mortgage free faster and having substantially more cash in your bank account.

If you have any questions about this article or if you would like to explore your mortgage financing options please call 416.303.4480 or visit my blog at www.thescooponmortgages.blogspot.com


Domenic Mirabelli
Mortgage Agent
Lic #M10000364

416.303.4480

“Helping you find a mortgage and peace of mind”

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