If you’re anything like me, you receive a ton of mail from numerous places wanting your business, wanting your attention, wanting your pizza order.
While the above holds true and the majority of us toss about 90% of said mail into the recycling bin, there are a few important pieces of mail which require your full attention – or at least they should – and one of those is your mortgage renewal.
Unfortunately, nearly 60% of borrowers simply sign and send back the renewal that they receive from their lender, without really asking any questions. This is unfortunate because even though the initial mortgage product or rate agreed upon was competitive, this most current term or rate may not be.
My intention here isn’t to bore you to tears regarding finances and the Canadian economy, and am aware that I’ve likely lost a few of you at the word “mortgage”, but every dollar counts these days when raising and supporting a family, and your mortgage should be respective of this.
As a father and husband to a young family, I want to ensure that I do right by them. Prior to becoming a Mortgage Agent myself, I have always brought my business to a Broker to ensure that our family was getting the best service available and that we weren’t leaving any money on the table.
When the day comes around that you receive your mortgage renewal which asks ever so politely that you “sign here and ask little questions”, I challenge you to do a little bit of shopping around. Or better yet, call a licensed Mortgage Agent to do it for you, at no cost. What do you have to lose!?
Typically speaking, you should give yourself and your Broker as much time as possible to ensure that they can secure the best product available for your family. Lenders, on the other hand, often send your renewal in the mail, leaving you with very little time to act and this isn’t by mistake.
It is recommended to start shopping for a new product and/or rate a few months prior to your renewal date. We all know that leaving something to the last minute allows our time to be suddenly taken away by a sick child, or a last minute school project which is due tomorrow morning that junior knew about a week ago. When it comes to our kids, most of our lives outside of the home is often placed on the back-burner, which in this case, can ultimately lead to a missed opportunity to save on your mortgage.
Keep money in your pockets, leave the work to us, and spend that extra time with your family because regardless of your situation, at Dominion Lending Centres, “We’ve got a mortgage for that!”.
Colin Dambrauskas, DCL Member
Mortgage Agent (16001969) Dominion Lending Centres – Forest City Funding