Mortgage Renewals & Transfers
While most first time buyers’ spend a great deal of time ‘shopping’ for their initial mortgage, the same cannot be said when their mortgage term is up for renewal. According to reports, nearly 40% of mortgage holders sign back the renewal agreement offered by their existing lender without even considering what other options may be available to them. Yes, the process is easy and convenient but do you think they are offering best rates? Typically, borrowers who sign and send back the renewal offered by their existing lender end up with a higher interest rate than what is being offered in the mortgage market.
Many believe that transferring your mortgage to a new lender on renewal will cost you money. However, this is not true. Assuming you do not require any additional funds added to your mortgage amount, you are able to transfer/switch your mortgage to a new financial institution with no penalty being charged. Yes, there are fees involved with a transfer/switch such as legal fees and discharge fees, but with qualified borrowers (like yourself) these additional fees will be picked up by the new lender. Consider it a welcome gift!
VERICO Best Mortgage Loans
949 Garth St
Hamilton, ON L9C 4L3