Maximize Savings on Mortgage Renewal: Tips from Huber Mortgage – BC Broker
Canadians who are receiving mortgage renewal letters – PLEASE…
DO NOT sign the mortgage renewal form that your lender sends you!!
Read on to learn how I saved a client over $11,000 versus his current lender
In the realm of financial decisions, securing the best deal and the lowest interest rate is an aspiration shared by many.
This endeavor is particularly crucial when it involves significant investments like a mortgage. With even a slight difference in interest rates having the potential to accumulate into substantial savings over the life of the loan, mortgage seekers are advised to be vigilant.
If you’re approaching your mortgage renewal period or your lender has sent you a renewal letter, consider reaching out to a seasoned mortgage broker to potentially save thousands of dollars.
Instead of settling for a routine renewal, take the opportunity to explore and secure the most advantageous deal available in the market.
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.
Knowledge Empowers: Conduct Thorough Research
Empower yourself by delving into the array of rates available in the market.
Currently I’m seeing mortgage renewal lenders that are a FULL 1% higher than best mortgage rates.
Don’t sign that letter!
Equipping yourself with information prior to your renewal negotiations not only saves time but also enhances your overall experience during the process.
Broker vs. Bank: Unveiling the Better Rate
The dilemma of choosing between a mortgage broker and a bank is a common one.
Huber Mortgage has proven to be able to secure more favorable rates than traditional banks due to my access to a plethora of lenders and products.
If I can’t beat your lender’s rate, I’ll tell you to take your lender’s rate. No big deal. My business philosophy has always been to save people as much as possible. My business success stems from this no nonsense guarantee.
Unlike banks that can only offer products from a single source, I draw quotes from multiple lenders.
A Bank of Canada study has affirmed that utilizing a broker often translates to a more advantageous rate due to this ability to compare offerings.
A Shift in Loyalty Perception
Devotion to a single bank over an extended period might seem like a factor that warrants preferential treatment, especially during a mortgage renewal.
However, the reality is quite different.
According to a Bank of Canada study, new customers frequently receive more favorable rates compared to longstanding loyal customers.
Just ask my client who is saving +$11,000 versus his long term bank renewal offer.
Beyond Rates: Prioritize Mortgage Terms
While a low interest rate is enticing, it’s imperative to recognize that the lowest rate might not be the most suitable one for your circumstances.
Opting for an exceptionally low initial rate could lead to substantial penalties if you’re required to break your mortgage early or intend to make additional payments.
Huber Mortgage conducts upfront customized analysis to ensure your mortgage terms will accommodate your current situation and future plans.
Depending on your life stage, a flexible mortgage might be essential.
When navigating the intricate landscape of mortgage renewals, it’s essential to adopt a strategic approach rather than settling for convenience.
The guidance of an experienced, reputable, and trusted mortgage broker can be instrumental in saving you both time and money.
So, before you accept the first mortgage offer that crosses your path, take the step to consult with experts who can tailor a mortgage solution to your unique needs.
Contact Huber Mortgage today for a no-obligation consultation, and pave the way toward maximizing your mortgage savings.
WORRIED ABOUT INTEREST RATES?? – Click HERE to learn 5 Reasons NOT to Freak Out Over Mortgage Interest Rates
Sincerely,
Michael
PS – One of my hobbies is blogging about mortgages, debt and government policy. During the day I’m a MORTGAGE BROKER in Kelowna, BC!
Check out the Huber Mortgage Home Buyers Guide HERE
