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Time to Renew? Speak to Your Mortgage Broker

20 June 2012

Summer is thought by many to be the wedding season; but it’s also the mortgage renewal season. Yes, it’s during the summer months that mortgages most often come up for renewal; and why, if this season is your time to renew, your bank may already be calling.

Banks like to call a few months ahead of when it’s time to renew the mortgage to remind the customer their mortgage term is up and that it’s time to renew. Of course, banks are also hoping that customers will take them at their word, and not think that their bank is trying to get the most profit possible (which means the mortgage holder must pay as much as possible.) If your bank hasn’t yet called, (or they have but you haven’t committed to anything yet,) there’s only one choice at renewal time, and that’s to speak to a Toronto mortgage broker.

A mortgage broker will be able to shop around for you; and they’ll do it early so you’re not stressed and running around at the last minute trying to get a new mortgage. The general rule of thumb is that you should start shopping around for a new mortgage package four to six months before it’s up for renewal. This is how long a lender can guarantee their rate for. However, when you use a mortgage broker you won’t need to be the one to remember to start comparing rates.

Comparing rates is extremely important when it comes time to renew your mortgage, but there’s more to consider as well; and a mortgage broker will know what to look for. While some mortgage packages may come with rock-bottom rates, it may also have a “no frills” restriction in which you can’t switch it to any lender should you ever need to renew your mortgage again; or if you ever want to look at home refinancing.

Too many homeowners think that the mortgage renewal process is a fairly simple one – because they don’t shop around. But just like anything, homeowners end up paying for that convenience, and it could cost them quite a bit more than they could have paid just by using a Toronto mortgage broker. And more than that, they may also be locked into a mortgage with heavy restrictions, and costly limitations. Mortgage renewal doesn’t have to be hard. And it’s not when it’s handled by a broker.

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