Congratulations on your maturing mortgage...but don't renew your mortgage with your eyes closed.
If your mortgage renewal is fast approaching then you’ll soon be at an important financial milestone. Now's a great time for people in Nanaimo, Nanoose, Parksville, Duncan, Ladysmith and Courtenay BC to look at the many innovative options and competitive mortgage rates available. Lenders send out renewal forms just prior to renewal dates to those with good payment histories, with about 70% of homeowners sending it back without asking any questions. In today’s hectic world, that can be the easiest and best route, but you should ask yourself some questions before you sign on the dotted line. This could be an important moment of opportunity.
Having multiple lenders compete for your business is a great way to ensure you get the best mortgage lending rate for your situation. We deal with multiple lending institutions, including major banks, credit unions, trusts and other national and regional lenders, which means we can put significant negotiating power behind finding the best mortgage to fit your specific situation.
A major financial institution's consumer debt survey found two-thirds (65%) of homeowners did not compare mortgages from more than one lender when they last renewed.* In fact, 20% stayed with their current lender after maturity and did not negotiate; several banks will auto-renew you at posted rates versus fully discounted rates, which can be a difference of hundreds of dollars a month. Don't renew your mortgage with your eyes closed!
Your Nanaimo and Vancouver Island Mortgage renewal is also an important time to decide if you should roll your high-interest credit cards and other debt into your mortgage to get one lower payment, boost your cash flow, and save on interest costs. Or perhaps it's a good time to take some equity out for renovations, a second property or for investing
People in Nanaimo and across Vancouver Island - Refinance Your Debt and Save Money
If you're carrying high-interest credit card debt that is causing your cash flow to struggle, you owe it to your financial future to have a conversation with us about how you can roll that debt into your mortgage so you can save - sometimes thousands in interest - and start building wealth. Worried about penalties? Don't think it can make much difference? Think again.