Don't Just Sign That Mortgage Renewal Form!
A recent article in the Vancouver Sun & The Leader Post talked about the process of renewing your mortgage at a bank and the fact that many people just sign the renewal document sent to them in the mail. Don't sign this! The rates offered are not good. In the example used in the article the rate offered was a full 2% above what the best rate on the mkt was.
In that scenario a 2% difference made a 47K difference in interest on a 500K mtg over a 5 yr term. The renewal document was sent out 2 wks before the maturity date. As a broker I can shop the mkt, with access to over 50 lenders and hold an excellent rate for up to 120 days prior to your mortgage maturing and with no haggling.
I know some people want to be loyal to their banks but I'm not sure loyalty always pays. In my years working within the banking industry I have seen that their loyalty was taken advantage of or taken for granted.
See here for full article: