Mortgage Renewing in 2018

I saw a statistic the other day that claimed almost 50% (47% was the stat) of all mortgages in Canada will be coming up for renewal this year.  In Canada, there are $1.6 Trillion of mortgages outstanding.  47% of that number is a really big numbers.

If you or someone you know has a mortgage maturing this year, then we should talk.

Many lenders don't offer you the best deal when you renew your mortgage and they wait until the last minute to remind you of the renewal.

This year, I have already talked to many clients and saved many clients a great deal by connecting early, 3 or 4 months prior to the renewal date.  Mortgage rates have been steadily climbing and the sooner we speak the sooner you can guarantee a lower rate and protect yourself until the maturity date.

Another thing you know... Banks, like TD bank have been sneaky to increase their posted rates. Why sneaky?

Well, by increasing the posted rate, they are creating a larger margin between the rate you get and the interest rate that is posted.  They use this margin to calculate your penalty in the future, if you break the mortgage early.

All the banks know that 73% of their clients break their mortgage before the end of term and if they have a higher spread when they calculate the penalty, then they win!

Ask me about this...  call or text 403-870-2669