Your mortgage renewal is based on the term you picked at the time you did your mortgage last. When your mortgage term comes up for renewal this means you have to renegotiate your term and rate at the current rates. Reason to contact us 120 days prior to maturity is to take advantage of our professional monitoring of the current rates that you pay receive vs settling for your current lenders rate offered. We review what your current financial situation is and we go find you a product and rate to suit your needs and goals. You would not want to wait for the renewal date and then be subject to renew at the current lender which is usually higher than our discounted rates. Most lenders do not give you their discounted rates on any renewal. Let us negotiate for you.
Canquest Mortgage will revisit your total financial situation - reasons:
- you may want to take equity out to consolidate some debts and free up your cash flow.
- you may want to increase your payments and do a financial plan to pay down your mortgage faster.
- you may have to free up your cash flow in order for you to start making a savings plan for your TFSA, RESP, RRSP or saving for a trip.....
Your financial institution may not be able to give you the best renewal rate. We deal with many lenders so we have access to more rates including the quick close rates. We also review mortgage products offer to suit your needs. We make sure you are getting the best discount with the best product. There are some lenders who have different exit strategies which you should be made aware of so you do not have any surprises when it comes to payout your mortgage. Mortgage Brokers usually get deeper discounts than the banks would offer their current clients. At Canquest mortgage we look at your credit package and can advise you what is available.
Remember that there is no cost to you to switch your mortgage to another lender. The lender pays up to $1000 towards the costs of switching over the mortgage. Get Canquest Mortgage working for you so we can give you the piece of mind you deserve in knowing that you made a sound mortgage decision.