The Starting Point: Look Beyond the Posted Mortgage Rate
The posted rate showcased by your bank on the above mentioned MORTGAGE RENEWAL FORM should be perceived as a launchpad for negotiations, not the ultimate offer.
Typically, financial institutions propose the posted rate, anticipating your acceptance because the mortgage renewal form is SO EASY TO SIGN. This could cost you thousands.
However, it’s important to resist settling for an initial rate provided by a single lender. Engaging with a mortgage broker offers access to a diverse pool of lenders and options, expanding your possibilities beyond what a single bank can provide.
EXAMPLE – a friend who had a loan with a credit union asked if his renewal rate of 6.99% that he received on his MORTGAGE RENEWAL FORM was a good deal. I said, “Not at all…”
I found him a much lower rate at 5.64% and saved him over $11,000 – and this was on a very small mortgage amount.