Simply signing your renewal form without shopping for the best rate has cost Canadian citizens thousands of extra dollars every year. This includes citizens in Calgary, Edmonton, Lethbridge, and throughout Western Canada. Nearly 60% of borrowers simply sign and send back their renewal that is first offered to them by their lender without ever shopping around for a more favourable interest rate.
Homeowners should never accept the first rate offer from their existing lender. Without any negotiation, simply signing up for the market rate on a renewal is unnecessarily costing the homeowner a lot of money on their mortgage.
Generally it is a good idea to start shopping for a new term between four and six months before your current mortgage term expires. Many lenders send out your renewal letter very close to the time that your term expires and this does not give you ample time to arrange for a mortgage term through a different lender. This means that you need to be tracking your own mortgage term timeframe and know when it is time to start shopping for a good mortgage renewal rate.
Don’t be one of the 60% who just simply sign their renewal letter and send it back. Use the services of our licensed Dominion Lending Centres Westcor mortgage professional to ensure the lenders compete for your business. Our services help clients in Calgary and throughout Canada.
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Four Month Rate Guarantee
This means that if the interest rate changes, we’ll honor the quoted rate four months after. The risk was that rates would rise, causing either the home of your dreams to become more expensive on a monthly basis OR even become out of reach because of mortgage qualification guidelines. Guarantee yourself the lowest possible rate, with our Four Month Rate Guarantee!
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