Doing a little bit of research before you renew your mortgage could save you thousands of dollars. Just under half of all Canadian mortgages are up for renewal this year. Do you have a mortgage coming up for renewal?

Typically you will receive your mortgage renewal notice from your current lender 3-4 months in advance of the renewal date. Sometimes you may receive an offer for early renewal. Either way, always reach out to your Dominion Lending Centres mortgage professional to find out your options and what you need to know before you renew your mortgage.

With the new mortgage rules in effect in October/November 2016 and subsequent changes January 1st, 2018 it is more important than ever to know your options before you sign a renewal agreement.

Did you know…?

• Any fees for transferring the mortgage may be covered
• Over 65% of borrowers simply sign the first renewal agreement that comes their way without doing any research
• Lenders are aware of the above statistic and are taking advantage by offering high rates on the initial renewal agreement
• Most lenders will only offer lower rates after a client declines their first offer. Doesn’t seem fair does it?

Mortgage professionals have access to many great renewal programs from banks, mortgage companies and credit unions.

Be informed before you renew. Consult with a Dominion Lending Centres mortgage professional to review your financing needs for all of your properties and to come up with a plan ahead of time. If you are looking to make any large purchases such as investments, real estate, an automobile, etc. — we can help you understand your options and the impact of these purchases on your financial situation.