Consumers Market
The mortgage market is very competitive right now. All the major banks and trust companies are clamoring to get new mortgage business, and to maintain their existing business. It is, truly a consumers market for mortgages.
Renewal Fees Are VERY Negotiable
The bank's posted interest rates are only the starting point for your mortgage renewal negotiations. Interest rate discounts of 1/4% to as high as 1.5% are not unheard of in this market. Renewal fees are VERY negotiable, and should not be paid unless you have exhausted all other possibilities.
Become an Informed Consumer
So, where do you start? You must become an informed consumer. You have no negotiating power unless you know if what you are being offered is a good deal or not. This takes some time and effort on your part, but it can save you several thousands of dollars over the life of your mortgage.
Interest Rate Discount
The first step is to contact your existing financial institution to discuss your renewal options with them. In many cases they will offer you a small interest rate discount as soon as you ask for one. Most of the time, this is not their best deal so don't stop there. Visit several other institutions, and discuss your situation with them. Tell them, what you are looking for and you will be amazed at how aggressive they are to get your business. This whole process takes time, effort, and a lot of patience but it will pay off in the end.
We Won't Waste Your Time
The alternative to all this work, is to let us get you the best mortgage right from the start. We won't waste your time, and we'll get you the best possible rate right from the start. Best of all, the lender will pay for our services so there is no cost to you.
