Canadian citizens lose thousands of dollars annually by omitting proper consideration during renewal. Nearly 60% of borrowers simply sign and send back the 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. Signing up for the market rate on renewal without any negotiation means homeowners are paying more than they should.

Generally, it is a good idea to start shopping for a new term between four and six months before your current mortgage term expires. The renewal letter from your lender will be sent out very close to the time that your term expires. This gives you little time to find another lender. Keep track of your mortgage term timeframe and know when it’s best to start looking for a good mortgage renewal rate.

Before you hear from your lender about renewing your mortgage term, have a licensed mortgage professional shop around for you.

Your mortgage is one of your largest expenses. For this reason, it is imperative to find the best interest rate and mortgage terms you possibly can. Don’t be one of the 60% who signs their renewal letter and send it back. Get competitive rates from lenders with the help of Nicole, a qualified Dominion Lending Centres mortgage agent.