So your mortgage is coming up for renewal soon? This is a great time to get some professional advice and review your current mortgage situation. Most of our clients will call us regularly throughout their term to discuss current rates and trends along with keeping abreast of any new products and features that may be beneficial to them in the future. We absolutely encourage and advise all our clients to keep in touch in order that they keep well informed and also getting themselves prepared for renewal time.
According to a CAAMP (Canadian Association of Accredited Mortgage Professionals) study, those who renewed or renegotiated with a mortgage broker reported an average rate DECREASE of 1.4% compared with 1.0% among all renewers (this study was completed in January 2011). Let’s now put that in perspective. If you have a $300,000 mortgage and renewed again for a 5 year term at a higher rate of 0.40%, your bank will pocket an additional $6,000 of your hard-earned money! That’s why it’s in your best interest to give a call to an Accredited Mortgage Professional at The Mortgage Centre – BC Direct Mortgages to find out what the very best rate is for the term you are choosing among many lenders available in our broker channel.
Please do not confuse a licensed mortgage broker (with the Accredited Mortgage Professional (AMP) designation) with a bank mortgage specialist. Bank mortgage specialists are, in fact, just employees of the bank (ie TDCT, RBC, CIBC, etc.) and ONLY represent the bank they work for. They are NOT licensed mortgage brokers who are able to check out and negotiate rates on your behalf with ALL the lenders in our system. That is one huge difference with not only rates but various products to choose from! The only reason I bring this up is that we have had many past clients who believed they were introduced to a mortgage broker (which is who they wished to do business with) but later on had determined, to their dismay, they were dealing with a mortgage specialist offering only ONE bank’s products and rates. Our clients today are much more savvy and fully understand the benefits of working with a mortgage broker.
If you have a mortgage soon up for renewal, you owe it yourself to find out how much you can save in lower interest costs and consider better products and features in the lending marketplace. By the way, there are normally no charges to transfer your mortgage from one lending institution to another and there is also no charge for our services to arrange this for you. We look forward hearing from you soon!