Negotiating with Lenders
Make Your Renewal Work For You!
When Your Mortgage Is Up For Renewal, You Have A Great Opportunity To Discuss Rates And Options With Your Current Lender
A lender has incentive to keep you as a client at renewal time, and may contact you prior to your renewal with offers and promotions. If you do your homework on the current product trends and rate markets, you’re in a better position to negotiate the rate and features of your mortgage renewal.
Of course, this research may prove time consuming for many busy Canadians. Here at 911 Mortgage Brokers – The Mortgage Centre, our specialists are already up to date on the most current rates and features of many mortgage products. We also have access to mortgage specialist-only lenders that may not be available to you. We’ll provide you with all of your options, and even negotiate with your current lender on your behalf. It’s our goal to get you a competitive interest rate at renewal on a mortgage that has the features you want.
911 Mortgage Brokers are Top Negotiators
Just Because You’ve Received A Renewal Offer From Your Current Lender, Doesn’t Mean You Can’t Get A Better Deal Elsewhere.
If you still owe money on your mortgage when the current term is up, you’ll need to renew it for another term. At this point, our 911 Mortgage Brokers can reassess everything that affects your mortgage, including your choice of lender, interest rate, payment frequency and the length of your new term, and we will negotiate a better interest rate, lower prepayment fees, and other favourable conditions, on your behalf.
If you go to your banking branch, you may be offered a renewal; however it may not be the best interest rate or have the most favourable terms for you. Remember that the bank representative can only offer their own limited set of products, whereas our mortgage brokers work with over 50 lenders across Canada, allowing us to access a wide selection of products and to provide broker specials that we pass on to you. Remember that the bank representative works for the bank, not for you.
WE WORK FOR YOU!
At mortgage renewal, our mortgage specialists will ask you several questions such as:
• Do you want to change the frequency of your payments?
• Are you satisfied with the service provided by your lender?
• Do you want the option to make additional payments without penalty?
• Are you satisfied with the interest rate on offer?
• Do you want to consolidate other debts and increase your mortgage loan?
Besides obtaining a lower interest rate, we can make other important changes at the time of renewal such as:
• Changing the Amortization period. If you shorten your amortization period and increase your mortgage payments, you’ll pay down your mortgage faster.
• Changing the Mortgage type (fixed-rate or variable-rate). If you choose a fixed-rate mortgage, the interest rate stays the same but tends to be higher. For variable-rate mortgages, your interest rate fluctuates up or down with the market.
• Changing the Payment Frequency. If you make more frequent payments, you’ll pay less interest and more of the principal.
• Changing the Mortgage Lender. If you are not satisfied with your current lender, or if you have the opportunity to obtain a better mortgage with another lender, this is an excellent time to do it.
Your new mortgage must fit your needs, your goals, and your lifestyle!
When can I renew my mortgage?
Your lender starts the renewal process about 4 months before the maturity date of your current mortgage. This is the time to do some research and meet with us. We’ll help you explore products and find a mortgage that’s right for you.
Contact us for a free mortgage renewal consultation as early as 120 days before the maturity date of your current mortgage. We will explore your mortgage options, lock in your desired rate and complete your transition to your new mortgage, smoothly and without any hassles.
