Is your mortgage coming up for renewal?  Don't be too hasty in just signing the form and sending it back to the lender. Many mortgage holders do just that, and the usual end result is a higher rate and a mortgage product that might not be best suited to your needs now. 

Let usme do the legwork for you – I will find you a very competitive rate and product to meet your situation. Click here to sign up for our Mortgage Renewal Registry.

Renewing / Switching 
If you’re wanting to renew/switch your mortgage to another lender who will most often give you a better rate, most lenders now offer "no cost or low cost switches.”  I can take care of all the details for you and help you negotiate with your existing lender or find a new lender who will give you very competitive rates. Let me start working for you today. In addition, here's how switching works along with other important and relative information. 

Don't let the hassle from the first time you negotiated lead you to just signing the form and sending it back to the lender – it will most probably cost you in the form of higher rates. 

The lenders count on consumers at renewal to just sign the form and mail it back – and unfortunately because some consumers don’t realize that they have the opportunity to negotiate a better rate, do just that. Let us do the work for you – the same convenience, at a much lower cost to you and a product and terms that will suit your current situation. The fact is that it is likely another lender that will give you what you want at a rate you deserve – there are no legal implications to you switching. 

Financing strategy for renewing 
As an experienced homeowner and borrower, you are probably already very familiar with the mortgage products and services of your current lender. It could be to your advantage to use another lender. Contact me today to help you make the switch. Here's some important information to keep in mind: 

What type of mortgage should you choose? 
Today, more than ever, there are numerous mortgage options available.  Don't be confused 

I can help you find the best product for your needs and negotiate you the best rate.  We do the research for you, enabling you to avoid the frustration and confusion of having to do it yourself 

 What terms and payment options should you choose? 

• Short-term risk and variable 
• Long-term 
• Split-term 
• Prepayment options 
• Payment changes 
• Payment frequency 

Common Mortgage Categories 
Fixed-rate: 6 month, 1, 2 and 3 year (open, closed and closed-convertible) 4, 5, 7 and 10 year closed 

Variable-rate: 3, 4 and 5 year (open, closed, closed-convertible)

Split-term: Combination of all possible terms (6 month through 10 years) 

Self-directed RRSP: A specialty mortgage rate – term optional – within CMHC guidelines. Invest your own RRSP funds into all or part of your home mortgage. 

What terms and payment options should you choose? 
It all depends on what you want. We will assess your personal situation and needs to find the best mortgage for you at the best rate. 

Short-term and variable 
If rates are low and stable, and/or you are prepared to take a risk, you can generally pay a lower rate with a short-term mortgage and an overall lower interest rate with a variable rate mortgage. You simply roll over your term every 6 months, or float your rate against prime, with the option of locking into a longer term at a later date. This is not for everyone; we can help you make an informative decision whether this option is appropriate for your situation. 

Long-term
Any term 3 years or longer is considered "long term" in today's economy. By locking in you will avoid exposure to rate increases. You'll have the comfort of knowing exactly what your payments will be and you’ll be able to manage your budget accordingly. 

Split-term
A mortgage which allows you to minimize – or hedge – your interest rate risk by splitting your mortgage into segments. For example: A $150,000 mortgage could be split into 3 different portions of $50,000.  One in a variable, one in a line of credit and one in a fixed rate, allowing you the flexibility to choose different terms and options within your mortgage.

Prepayment Options 
Many lenders allow you to make a lump sum payment – usually 10% to 20% of the original principal balance. In addition, many mortgage products now include a "double-up and skip-a-payment" feature. This lets you "bank" extra mortgage payments for a rainy day, at which time you can "skip" them if you need to. Ask me to advise you on your options today! 

Payment Changes 
Many mortgages now allow the amortization to be adjusted by increasing the payment on closed terms by 10% to 20% per year, once annually. 

Payment Frequency 
Most mortgages now come with the option to pay your mortgage at a frequency that matches your cash flow – weekly, bi-weekly or semi-monthly or monthly. The added benefit of the "accelerated" weekly and bi-weekly payments is that by dividing a regular monthly payment into two or four respectively, and deducting it at the new interval, an extra payment a year is made directly against principal. 

Take advantage of my renewal registry! Register now and we will guarantee you the best rate 120 days prior to your renewal. You can register up to four years in advance - just fill out the form below. 
 

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