Mortgage renewal, an urban legend that has a hard skin
There is an unjustified belief among the population that every 5 years, you have to renew your mortgage with the same bank!
This is 100% false.
Precisely, it is in your best interest to change and play the competition because it is often during the renewal that the banks take advantage to change the contract in their favor without you really realizing it.
Mortgage rate or conditions, everything can be changed as they please.
If you are not careful, you will leave a lot of money on the table in the end.
To renew your mortgage, you need to be accompanied.
Since you originally applied for your loan, mortgage rates will have changed. Better or not, they will be different. And your situation has probably changed too.
To get a clear idea of what you are entitled to, you should check with the various financial institutions.
But contacting all the banks and lenders is a long and tedious job. The jargon can be very technical and you can get lost.
So to avoid leaving thousands of dollars on the table and not waste time contacting all the banks one by one, call us.
We are brokers affiliated with no bank.
Our point of view is neutral.
Well, not quite. In fact, we work for you and not for the banks. So we’re going to get the best for you, not for them.
Especially since, as a professional accredited by the AMF (Autorité des marchés financiers.) we have access to other lenders and conditions that you can’t get otherwise.
The biggest risk at renewal is that you may end up with a contract that imposes heavy penalties if you change the terms of the contract, want to close the loan early or even have to defer payments.
The last 2 years have shown us how important it is to have a good contract to cover all eventualities.
These little hidden lines, they don’t exist in our house. We explain them to you in full. That way, no surprises!
- Knowing your mortgage renewal date.
Renewing your mortgage with a new lender involves some processing time. And while our mortgage brokers can sometimes work miracles, we need to know your renewal date to properly prepare your file.
- Make sure your situation will be optimal to get the best terms.
To get a better rate, it’s best to have a good credit score. So this is not the time to buy a new SPA for your home. Our brokers can give you advice on how to present your file in the best way. We are familiar with the banks’ criteria and they are all different depending on the institution you want to deal with. Call us at
- Monitoring the markets.
Rates are dependent on the markets. We constantly monitor them for you. If we think they may rise before we finalize your application, we will lock them for you. It is possible to lock them up to 4 months in advance!
All the more reason to contact us early!
Refinancing involves going back to the notary to sign the new deed of loan. Of course, you will be responsible for paying off the new mortgage in full.
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