While most Canadians spend a lot of time, and expend a lot of effort, in shopping for an initial mortgage, the same is generally not the case when looking at mortgage term renewals. By omitting proper consideration at the time of renewal, this practice costs Canadian citizens thousands of extra dollars every year. 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. However, shopping for the best mortgage rate and terms doesn't mean that you should have each Lender with whom you visit access your credit bureau. Too many credit bureau inquiries within a short time frame can have a negative impact on your overall credit score and may actually cause you to pay more with your approved interest rate in the end. If you are going to check with various lenders about their rates, just ask them what their best interest rates are without allowing them to complete an application and check your credit.

Before you ever hear from your existing lender about renewing your mortgage term, have a licensed Dominion Lending Centres mortgage professional shop around for you, you will be amazed at what they can accomplish on your behalf! By visiting a mortgage professional, you will save yourself time and hassle, and you can be assured that you are receiving professional, unbiased advise. A mortgage professional can secure for you the very best mortgage interest rate and mortgage terms and when it comes time to apply for the mortgage, a mortgage professional will only need to access your credit once. They can then shop around for the best mortgage using only the one credit bureau report, thereby avoiding any negative impact on your credit score.

Your mortgage is one of your biggest expenses. For this reason it is imperative to find the best interest rates and mortgage terms you possibly can. By shopping around at renewal time you can save substantial amounts of money over the life of your mortgage loan. Don't be one of the 60% who just simply sign their renewal letter and send it back. Use the services of a licensed Dominion Lending Centres mortgage professional to ensure the lenders compete for your business.


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