In a Manulife survey in 2011, almost 2 out of 3 respondents failed to compare mortgage products and rates from various lenders when their mortgage came up for renewal. Not knowing what your options are could cost you thousands if not tens of thousands of dollars in extra interest and fees.
Here are some things you should know about mortgage renewals...
Did you know that:
- banks renew approximately 90% of the mortgages they hold?
-that the majority of those are renewed at posted rates?
When you stop to think about what the difference is between a posted rate and a discounted rate, it can be shocking...