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20 Jun

Don’t SIMPLY RENEW! See what your Mortgage Agent can do!


Posted by: Valerie J Cavers

Don’t Renew!  See what’s available!

Don't Renew! Renegotiate!Everybody wants to save money on their mortgage!

A new home buyer is especially diligent when shopping for the best mortgage.

They make the effort to:

find out the options

compare rates and costs

compare flexibility

This home buyer then moves into their new home and their mortgage can easily become something they don’t think about often. They might have a growing family and an ambitious career. In the meantime, the mortgage payments are happening on automatic pilot.

Eventually their lender sends them a letter to let them know that their mortgage is coming up for term renewal. That borrower is faced with some decisions to sort out.

1. Should they do things the “easy” way and sign the offer from their current lender?

2. Have they fully considered their current situation?  Have their needs changed?

3. Do they need to pay out debts, top up RRSP’s, are they needed updates to the home?

4. Should they move their mortgage to another lender?

The answer? You guessed it! Don’t Renew, Don’t Sign the offer, ask your Mortgage Agent!!

1. Sadly your lender might not be offering you the BEST RATE in your renewal offer. 

2. Work with me I’ve access to many different lenders so you can better assess your options. Even if I’ve not worked with you berfore, I can still help you sort out your renewal.

3. Have me compare options for you including the option from your current lender. This analysis will include any possible costs for moving the mortgage and list possible advantages to moving to another lender.

4. Then decide. It will cost you nothing to ask and it could save you thousands of dollars.

Remember the effort when you first bought your home? Well you only need a small fraction of that effort to ensure you get the best mortgage when renewing your mortgage term.

It is not unheard of to have a mortgage renewal offer of a whopping 1% higher than competitive rates. On a mortgage of $400 000 that would cost approximately $4000 extra per year! I have also seen decent renewal offers where it was clear that the client was fine to stay where they were.

No matter what your final decision, it pays to consult with a Dominion Lending Centres Mortgage Agent, before you sign the “easy “offer from your current lender. Go ahead and make that call.

Please reach out, if I can find you savings we will, if we can find more money at the end of the month, let’s do that for you, and if we need to simply sign that renewal as circumstances are such we can’t get better, or we can’t qualify, or credit is poor, we can make that decision together, and I give you the HONEST ANSWER!  Just last week, I advised a client, SIGN IT,just sign the renewal they were not in a position to qualify for thier current mortgage.

I’d like to help out, just ask!

Valerie J Cavers, DLC, The Mortgage Source, Cumblerland ON


by C Horvath, DLC