Please…don’t sign your mortgage renewal form

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At least get a second opinion before you sign. Why? Because mortgage lenders are sending out mortgage renewal letters right now with rate offers that are way too high.

I’ve seen over 10 mortgage renewal letters in the past few months with rates that are a full percentage higher than current best mortgage rates. Many more with less atrocious offers but still not great.

That full percent would have amounted to tens of thousands of dollars of unnecessary interest expenses for these fine folks. Just at a time where Canadians need all their cash to weather this inflationary/price gouging storm.

Lenders are banking on folks committing to a new mortgage term due to the ease of just signing off on that simple little document. Or is it the fear of not being approved for renewal? Don’t fall into the trap. Whatever the motive is, Canadians should get a second opinion.

Which institutions are sending out these high renewal offers? Big banks and credit unions primarily.

This article is not designed to pick on these lenders. In fact, I often work with both banks and credit unions.  They offer a variety of products that work for certain clients and certain property types. It is simply a suggestion for you to get a second opinion.

That could be via a conversation with me. I live right here in the valley with you. Or through another mortgage broker or mortgage lender. Whatever road you choose, do yourself a favour and get a rate comparison done.

man signing paperwork

Using a mortgage broker is free. Brokers are paid by the lender if you move forward with the broker’s offer. I work with over 50 lenders; low penalty/great rate mortgage companies, local credit unions, big banks, alternative lenders and private lenders.

slocan lake view from highway 6 looking north towards Silverton, BC meadow of flowers, trees surrounding a spectacular lake bordered by towering mountains

Over the past 10 years I’ve worked with clients from all walks of life; salaried employees, hourly wage earners, commission only, business for self/self-employed as well as business owners and temp/casual workers.

Over 50% of the folks I work with are self-employed.

I can get your file approved OR teach you how to get approved!

Conclusions and Further Thoughts

Since moving to the country in the spring of 2022, my wife Lisa have been busy working on our home and taking part in community events.

Recently, I played two sold out music concerts and enjoyed meeting new members of the community alongside current friends.  As well, I am treasurer of a local Arts Council while Lisa was secretary of our community strata association.

We look forward to completing our home and settling in further!   Winter in an RV is a challenge 🙂  See you around!

Michael Huber
HuberMortgage.com
Professional Mortgage Broker
250-212-7954

Contact Huber Mortgage to talk through your options!  Contact HERE.

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

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