Renewing your mortgage is just as important as when you did your mortgage the first time. There are many options available and we can find the best one for you. Using a broker will give you all these options and provide you access to over 90 lending institutions with wholesale rates! These great benefits cost nothing extra, but they do provide you with the security that you are getting the best mortgage for your needs.
Today your life is likely very different than when you first took out your mortgage, and when the bank sends you a renewal letter, you may be like most people who simply sign it and send it back. This is a great mistake! You owe it to yourself and your family to explore your options – which could save you thousands of dollars through a better rate with terms more suitable to your current needs.
You may be wondering what the costs are for transferring your mortgage to another lender - and there are some. However, it can still save you money in the long run.
To register your mortgage with a new lender, you must use a lawyer, which will cost approximately $600-$1,500.
There will be a discharge cost from your existing lender to remove your mortgage and this is approximately $100-$300.
The new lender will require an appraisal of your home before they give you a mortgage, which is approximately $150-$450.
BUT - here is the good news - I know lenders that will cover all these costs for you – just so they can give you the opportunity of having a great mortgage that is best suited to your needs!
You owe it to yourself to get a mortgage that is best for you - and not for the bank!
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