Typical process for a renewal is you will receive a letter in the mail anywhere from 120 to 30 days prior to your maturity date. The bank will offer you a rate that may be lower than the posted rate but is typically much higher than the current market rate. Most of us will sign the renewal and send it back just to avoid the hassle of more paper work, but is that the best option for your bank account.
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Typical process for a renewal is you will receive a letter in the mail anywhere from 120 to 30 days prior to your maturity date. The bank will offer you a rate that may be lower than the posted rate but is typically much higher than the current market rate. Most of us will sign the renewal and send it back just to avoid the hassle of more paper work, but is that the best option for your bank account.
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Typical process for a renewal is you will receive a letter in the mail anywhere from 120 to 30 days prior to your maturity date. The bank will offer you a rate that may be lower than the posted rate but is typically much higher than the current market rate. Most of us will sign the renewal and send it back just to avoid the hassle of more paper work, but is that the best option for your bank account.
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DON’T SIGN THAT MORTGAGE RENEWAL BEFORE YOU SPEAK TO A BROKER!

Typical process for a renewal is you will receive a letter in the mail anywhere from 120 to 30 days prior to your maturity date. The bank will offer you a rate that may be lower than the posted rate but is typically much higher than the current market rate. Most of us will sign the renewal and send it back just to avoid the hassle of more paper work, but is that the best option for your bank account.
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DON’T SIGN THAT MORTGAGE RENEWAL BEFORE YOU SPEAK TO A BROKER!

Typical process for a renewal is you will receive a letter in the mail anywhere from 120 to 30 days prior to your maturity date. The bank will offer you a rate that may be lower than the posted rate but is typically much higher than the current market rate. Most of us will sign the renewal and send it back just to avoid the hassle of more paper work, but is that the best option for your bank account.
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When it comes time for you to renew your mortgage, especially with a Bank, you get a phone call very early to alert you your term will be ending soon. Bank’s love to do this as they typically make more money off of renewals than first time set up mortgages. This is because they have already retained you as a client and any referral fees have already been paid. Therefore the funds they make off of renewing the mortgage goes strictly into their pocket. Furthermore, because they are simply asking you to renew at the current rate, this does not give you a chance to see if you are getting the best rate out there. Based on these red flags, it is better to shop around for your mortgage, and who better than a mortgage broker to find you the lowest rate with the best terms!
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When your mortgage is up for renewal you do have options.  Believe it or not nearly 85% of Canadians sign their mortgage renewal letter without actually considering other options for a better rate or product.  When you receive a renewal letter from your lender, they (mainly banks) will not offer you the best discount rate.   They are hoping (and in most cases are correct) that the client will just sign the letter and send it back to the lender.  The lenders save allot of money by taken this approach.
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When your mortgage is up for renewal you do have options.  Believe it or not nearly 85% of Canadians sign their mortgage renewal letter without actually considering other options for a better rate or product.  When you receive a renewal letter from your lender, they (mainly banks) will not offer you the best discount rate.   They are hoping (and in most cases are correct) that the client will just sign the letter and send it back to the lender.  The lenders save allot of money by taken this approach.
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When your mortgage is up for renewal you do have options.  Believe it or not nearly 70% of Canadians sign their mortgage renewal letter without actually considering other options for a better rate or product.  When you receive a renewal letter from your lender, the lender (mainly banks) will not offer you the best discount rate.   They are hoping (and in most cases are correct) that you will just sign the renewal letter and send it back to the lender.  The lenders save allot of money by taken this approach.
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At mortgage renewal time your mortgage is completely OPEN.  This means the contract with your current mortgage lender is over.  You do have the option to either stay with your existing lender or move too another lender for better terms and conditions.  Moving to a new lender will require you to re-qualify, however if the terms and conditions are much better then what the existing lender is offering, it makes sense.
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