Mortgage Renewal Information

Do you remember the time you purchased your first property?

Like most people you were probably very concerned with getting the very best deal possible. Maybe you shopped around from bank to bank until you were sure that the rate you secured was the lowest one possible, or maybe you used a broker to ensure you received the best deal. An ever increasing number of first time Canadian home buyers go through this process the first time they purchase a property.

What is often surprising then, is the number of people who don't take the time to find the best deal the next time around, when their mortgage is maturing and it's time for renewal. In fact, a recent study found that less than 5% of Canadian homeowners would move their mortgage to a different institution for a better deal. Why such a low number? Is it our natural tendency to resist change? Or the fear of going through the entire mortgage process again? Perhaps there is a belief that switching lenders is a costly process, negating any savings that a better rate may bring.

The purpose of this section is to educate homeowners about the renewal process, so that when your maturity date approaches, you won't have to rely on what your lender is telling you. You will have the knowledge and education to choose the best mortgage product from the many options that are available.