So when mortgage renewal time comes around most of us automatically renew their mortgages when the term is up instead of trying to find a better deal.
here are some tips to ensure you’re getting the most out of your mortgage renewal
- A lot of people renew with their lender and don't even think about switching to another one, despite the fact that they could do better. So consider changing the lender.
- Don’t accept the bank's posted rate. The posted rate is never the best rate and this number typically has plenty of room to be talked down. So don’t be afraid to negotiate.
- The lowest rate doesn’t necessarily mean the best rate when it comes to your mortgage.
- If you don't like negotiating and don't have the time to research rates, a mortgage broker will do the legwork for you. When I did my renewal last month, I consulted a firm providing mortgage renewal in Ontario and I got a really good deal as compared to the old one.