Renewal letter in hand? · North York
Before you sign that renewal, see what else is on the table.
Your lender sends you one offer. I compare it against what other lenders would actually give you, so you know whether signing is your best move or just the easiest one. It costs nothing to find out.
- 5.0 on Google, 74 reviews
- Mortgage Agent Level 2
- No cost, no obligation
Miriam and her team were professional and efficient and went above and beyond to deliver the service they offered. Miriam stayed in constant communication with me, keeping me up to date with the happenings prior to closing. We met several times to discuss options and to provide me with the best rate and package for my needs. I highly recommend Miriam and her team, and would work with them again.
The renewal trap
Most people sign the first offer they are sent
Your lender is counting on that. Here is what changes when you look around first.
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1
Switching costs nothing at renewal
Break your mortgage mid-term and there is a penalty. At renewal there is not. That window is the whole reason to compare, and most people never use it.
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2
The rate is not the only term
Amortization, prepayment privileges and how the penalty is calculated all reset at renewal. A slightly lower rate on worse terms can cost you more over the term.
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3
Start about four months out
That is long enough to compare properly and hold a rate while you decide. Leave it to the last week and signing what you were sent becomes the only realistic option.
Ontario-licensed · License# M1900073. Miriam compares options across a range of lenders through Mortgage Outlet Brokerage, at no cost to talk and no obligation to proceed. Serving North York, Toronto, Vaughan, Brampton and Innisfil.
Miriam Essebag, Mortgage Agent Level 2, License# M1900073. Brokerage: Mortgage Outlet Brokerage, Brokerage License # 12628. Rates and terms are not guaranteed and are confirmed directly with Miriam and the lender. Approval depends on your full application and the lender's own criteria. Nothing here is financial or legal advice.
Frequently asked questions
Does switching lenders at renewal cost me anything?
How early should I start?
What if my current lender matches the offer?
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- 5.0 on Google across 74 reviews
- Mortgage Agent Level 2, License# M1900073
- Mortgage Outlet Brokerage
- No cost to talk, no obligation
Prefer to talk? Call 647-274-9680.
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