Why Exploring your options for mortgage renewal can save you thousands
Jun 15, 2023·By Snezhana Todorova
Renegotiating your mortgage at renewal time is an excellent way to save money and ensure that you have the best mortgage product for your financial situation. “51% of Canadian homeowners don’t plan on changing lenders when their mortgage comes up for renewal — and 9% weren't even aware that they could switch lenders to get a better rate.” says Shaistha Khan from Rates.ca. Here are five reasons why you should explore your options for mortgage renewal instead of staying with the same lender's offer:
Get a Better Interest Rate
One of the most significant benefits of exploring your options for mortgage renewal is the chance to get a better interest rate. Interest rates can fluctuate significantly over the term of a mortgage, and you may be able to find a better rate at the time of renewal. Even a small decrease in your interest rate can save you thousands of dollars over the life of your mortgage.