Saskatoon Mortgage Renewal
Renewing your mortgage should be about you revaluating the performance of your lender and making sure you're getting the best rates and terms you can. Most banks don't want you to have the freedom to shop your mortgage around, so they'll try to use various tactics to try to get you to sign on the dotted line on a mortgage that benefits one party: the bank. You lose.
Don't Let the Big Banks Win
The reality is there are mortgages out there that don't just come with better interest rates than the one you may currently have with your bank on your Saskatoon home. They can also come with better terms and options that suit your life. First Foundation has a great relationship with a number of lenders, enough that we'll find the mortgage that fits you. In the end, if what your bank is offering is truly better than what we can find you, we'll tell you to go back to them. But we're pretty sure we can get you a better deal.
What Your Bank Will Try
Being forewarned is being forearmed, as they say. One of the oldest tricks in the book used by everyone from used car salesmen to banks is the old "shop around and we'll match it" trick. They rely on you not having the time to shop around at all, and just signing anyway on the rate they'd prefer to give you. You can bust this scheme wide open by getting First Foundation to shop around for you, and finding you a better rate. Then watch the hemming and hawing at your lower rate start, and watch out for new clauses that they try to sneak into the mortgage even if matching the lower rate, such as telling you that your mortgage is a "collateral mortgage" at the last minute. This type of mortgage is how many banks are trying to lock in clients and keep them from switching, since it ties up capital over and above the amount of the mortgage. A recent expose by CBC on this practice by the big banks is worth looking at.
When to Start Shopping Around
Ideally, you'll want to come and talk to First Foundation a few months before your mortgage renewal date to give us time to find you the best lender. If your timeline is a little closer than that, we can get a deal done in as little time as it takes. You should bring us all the standard documentation you would use to get a mortgage in the first place, such as your tax returns for the last few years and your current debt load.
First Foundation is one of the most well-respected mortgage brokerages in Canada.
Contact us today to get us on your team and get your Saskatoon mortgage renewed at a rate that you'll love.