At renewal, you can renegotiate everything pertaining to your mortgage - amortization, rate, term etc. with no penalties. Your lender will be interested in seeing you come back, but it's important to investigate your options and make sure you are getting the best possible deal.
A major financial institution's consumer debt survey found two-thirds (65%) of homeowners did not compare mortgages from more than one lender when they last renewed.* In fact, 20% stayed with their current lender after maturity and did not negotiate; several banks will auto-renew you at posted rates versus fully discounted rates, which can be a difference of hundreds of dollars a month. Don't renew your mortgage with your eyes closed! Mortgage renewal is also an important time to decide if you should roll your high-interest credit cards and other debt into your mortgage to get one lower payment, boost your cash flow, and save on interest costs. Or perhaps it's a good time to take some equity out for renovations, a second property or for investing.
We work for you and are in touch with a wide variety of lenders so we can always make sure you are in the best position possible. When you are six months from renewal, be sure to contact us so we can review all of your options and strategies, not just those presented by your current lender.
There are some great options out there - from a wide range of lenders; let us help you look around.
Gary is very knowledgeable at what he does. He went above and beyond to help me get a great rate, I will definitely recommend him to anyone without blinking an eye. You make me feel comfortable during the whole process. I just want to say a big thank you for everything you have done for me and my family
Gary is definitely a gem in not only the world of mortgages but overall as a person. He goes above and beyond to help and do whatever he can to help. Gary has helped us and went out of his way to make things work. He is kind, smart and has amazing customer service. We highly recommend him to everyone.
Gary is a fabulous and very knowledgeable. He went above and beyond to help us get a great rate!! We highly recommend him to everyone!! Thank you sooo much Gary for everything you have done for our family!!
I was very happy with the professionalism and courtesy provided to us by Gary and his team in navigating and procuring for us a great deal on a rather large, $215K, 2nd mortgage to help complete our extensive home renovations. Many Brokers will promise and not deliver but Gary and his extensive contacts and experience in this industry enabled us to quickly secure a 2nd mortgage and achieve our goals.
Gary's work ethic is fantastic. Not only is he organized, aware and thorough with his clients, he truly does approach each situation with 3 options. I appreciate the fact that he does not rely on one option ONLY to service his clients. This is particularly important at times when the market fluctuates or when things simply happen outside of our control. Gary, you have my highest recommendation.