Log In needed $1,000 Don't be too quick to refinance your mortgage with your current lenderReport Ad
Don't be too quick to refinance your mortgage with your current lender. Over 70% of Canadian mortgage holders do just that, and what is the usual result? ? a higher rate and a mortgage product that might not be best suited to their interests. Lenders are counting on the fact that most homeowners are too busy to ask questions or to inquire about getting a better rate, but don't let this happen to you!
You should recognize that you are now negotiating from a position of strength as your mortgage principal has dropped and in most cases your home value has increased. Lenders see you as a lower risk borrower and consequently you should be getting the best rates available.
Rather, let the lenders compete for your business to be sure you do in fact get the best mortgage possible. My expectation is that we will begin to see mortgage rates start creeping up again as the economy rebounds. Policy makers and the Government want to increase rates and at the same time continue to make it harder for Canadians to get a Mortgage. If buying or refinancing were subjects around the house, now would be a great time to discuss more details on how to save today.
We'll review your current situation and ensure you get the best rate and terms available. We can even guarantee future interest rates up to 120 days before your renewal date!