Millions of Canadians have mortgages (approximately 5.7-million), so you could be one of the many who will be faced with a renewal letter at some point in the next 6-12 months. There’s a couple possible scenarios you may encounter:
A 2014 report from the Mortgage Professionals Canada, which represents the mortgage industry, found 20 per cent of those customers coming up for renewal each year will switch lenders to seek a deal. [Financial Post]
Yes, this is absolutely an option you can, and should, consider. While it’s easy to simply sign your renewal and send it back without a thought, you could be missing out on additional money in your pocket, and some savings you didn’t even know existed. This would allow you to pay down your mortgage faster and help out with any debts that are looming.
Yes, re-qualifying again is part of the process. But if the time it takes to redo that paperwork is worth saving you money (which it is), then here’s an easy option to consider—contact me.
