Most Canadians Pay Too Much Mortgage Renewal Time
When it comes time to renew your mortgage with your bank or current mortgage lender, don’t just sign the renewal notice without shopping like so many mortgage consumers do. Banks rely on you re-signing without doing any research – which means they likely aren’t giving you the best deal possible.
That’s where First Foundation comes in. We are able to find you the best possible rate and mortgage product for your mortgage renewal, saving you the trouble of fighting with your bank to get the rate that you deserve.
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Learn More About Renewing Your Mortgage
Renewing your mortgage with one of First Foundation’s lenders is usually almost as easy as signing the renewal notice of your current mortgage holder. Many lenders now offer “switch” programs, where they cover the costs of appraisals and the legal fees involved with the renewal process. You will most often get a lower interest rate and better terms than your current lender is offering by switching to a new lender at renewal.
Remember, most financial institutions offer you a great deal when you first sign up for a mortgage, and then try to earn higher profits at renewal because they know that most people don’t bother to look around for a better deal.
If First Foundation can’t beat your bank or current mortgage holder, we’ll let you know right away, so that you always get the best deal. We’re here to make sure your best interests are taken care of.
Don't Fall For The Old "Shop and We'll Match It" Trick
Many banks and credit unions will try to get you to sign the mortgage renewal offer they send you and discourage you from shopping for a better deal.
If you insist on shopping, then sometimes they'll offer to match whatever you find on the market. The truth is this is a tactic that makes you work harder than necessary, just to get the interest rate your current lender should have offered in the first place. They don't need you to look around for a better rate - they already know what their competitors are offering. The truth is that they hope you'll get too busy to look around and then run out of time, forcing you back to them.
We encourage all mortgage consumers to reward this kind of behaviour with the approrprate action - take your business elsewhere. If your lender plays games with you don't reward them with your business. We would be happy to work with you and help you keep a healthy distance with the lender, ensuring that your interests always come first - not theirs.
If your renewal date is coming up in the near future (in the next few months), you can check out our Current Interest Rates, or Contact Us to speak with one of our associates to see what your renewal options are.