Switch-Renewal

Sometimes it makes compelling financial sense to move your mortgage to a new lender with a lower rate…even if there’s a penalty to do so in the middle of your mortgage term. And sometimes, rate may not be the reason at all.

Many lenders offer incentives for switching over to them, including the absorption of some (or all!) costs. Allow us to do the black & white math and we’ll let you know if there are thousands of dollars in savings to act on. If your mortgage is coming up for renewal (read on), great…we’ll time the switch seamlessly so that it happens right on your renewal date – penalty-free. But if a penalty is in the mix, we can tackle that too.

Note that if you want or need to access home equity (borrow additional funds) and/or lengthen your amortization, this is considered a refinancing.

If this is your first connection with us, welcome. Note that we constantly watch rates and connect with our existing clients whenever we see an opportunity for savings. This is the “Rate Insurance” you enjoy as part of our ongoing relationship with you…something no single bank or mortgage lender can offer. Contact us to find out more.

Renewal

Is your mortgage coming up for renewal? If so, it can be a great opportunity to transfer/switch for a better rate – just on your mortgage’s renewal date, and thereby, penalty-free. And rate may not be the reason to change your mortgage – and your plan.

If your existing mortgage is in good standing, your lender should simply offer you a renewal several weeks beforehand. Lenders typically mail, call or email you renewal offers and the important thing to remember is NOT TO ACCEPT ANY RENEWAL OFFER UNTIL YOU HAVE EXPLORED ALL POSSIBILITIES WITH US.

Try to get in touch with us at least six weeks before your maturity (renewal) date, so that we have the time to review your existing lender’s offer and see if it can be beaten…or whether your mortgage can be optimized differently.

Once you’re a client, renewal-reviews automatically become part of our ongoing relationship with you, so moving forward, there’ll be no need to scramble. Contact us to begin.