If you are like most Canadian borrowers, your mortgage will most likely be up for renewal more than once before you are able to pay off your home loan entirely.

As Winnipeg mortgage brokers, we are always available to help our clients make confident decisions when it comes to the financing options that are available to them. We understand the importance of information and education throughout the entire mortgage process, from original application to renewal, refinance or even second mortgage.

Our experience in the mortgage industry has allowed us to become experts on renewing mortgages and we would like to pass some of our knowledge on to you, in the hopes that it helps you make the most educated decision possible and ideally even saves you money!

Tips for Renewing Your Mortgage

One – The Secret About Rates

The most important thing to remember when it comes to the interest rate on your mortgage renewal is that the advertised rate is not always the best rate.

This is true in a few situations. The rate that is sent to you on your mortgage renewal slip is not necessarily the best rate your lender is willing to offer you, especially if you have made all of your mortgage payments on time and your credit is still in good standing.

Many times, lenders will send higher rates in the hopes that borrowers will assume the rate is their best offer and sign the mortgage renewal slip with no questions asked.

If you are planning to switch lenders to get a better rate, the same is also true. The lender’s first offer may not be the best you can do.

Two – Let Your Broker Negotiate

As Winnipeg mortgage brokers, we are experienced negotiators who have long-time contacts with many of the most reputable lenders. This helps us get you the best possible rate on your mortgage.

We have also learned through our experience, the best way to negotiate the rate and terms that work best for our clients and we know that the lowest rate is not necessarily the best. It is our job to get the best financing options for our clients, which could mean a higher rate when there are other benefits added to the mortgage contract.

Three – Double Check

Once we have helped you find the best options for your mortgage renewal – rate, term, etc. – and you are ready to finalize your contract, make sure you double check that everything you were promised was actually granted to you.

While there are professionals on your side who are there to double check as well, it is important for you to go through your mortgage contract before signing it, just to make sure you are completely happy.

When it comes to mortgage renewals, it is always advised to prepare well in advance of your renewal date. This gives you and your mortgage broker ample time to research and negotiate for the terms that benefit you the most.

Give one of our experienced Winnipeg mortgage brokers a call today for help with your mortgage renewal!