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Did you know – Your mortgage is transferable for a lower rate!

Often times, lenders will not offer their lowest rate for their clients upfront.  Upon renewals, they will risk selling the clients on higher rates knowing that most borrowers will not shop around as much as they do at the initial purchase.

When your mortgage becomes due for settlement, otherwise called a maturity date, it is best to look for the best rates ahead of time – approximately 4 months.  This will help you make an educated decision whether it is best to renew your mortgage with your existing lender or transfer your mortgage to a new lender.

It is in your best interest to be in contact with us at least 120 days before your mortgage is up for renewal.  Our experts will offer a one-stop convenience and impartial advice when shopping for your mortgage.  And by shopping wisely, we can find the mortgage that best suits your financial needs.  We will help you understand how different rates, terms and conditions can affect the lifetime cost of your home, your monthly payments, and financial flexibility.

Your mortgage maturity offers the perfect opportunity to reconsider your mortgage arrangements; for example, the type of rate or the length of a term you would like.  By reviewing your mortgage needs, we can also begin to hold rates for you to insure against the increase of the interest rate that best suits your needs.

Once we decide on what is best for you, we need to process a transaction just as it was done when you initially purchased your property.  An application is required, along with credit check and gathering of documentation to support the application – satisfactory to the chosen lender.

Typically, a transferred mortgage does not allow you to increase the amount of your mortgage or the length of your amortization.  You will also need to pay your existing lender a discharge fee, however legal fees are not applicable.

Take advantage of this opportunity to re evaluate and get the best interest rate / product to suit your needs.