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| Bank Rates |
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Our Rates |
| 6.35% | 1 | 4.90% | | 6.35% | 2 | 5.50% | | 6.55% | 3 | 5.50% | | 7.04% | 4 | 5.50% | | 7.20% | 5 | 5.84% | | 7.65% | 7 | 6.20% | | 8.30% | 10 | 6.25% |
| Posted: 11/21/2008, OAC |
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Take advantage of the lowest interest rates in 30 years!
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Mortgage Renewals & Transfers
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Renew your mortgage and save thousands
Before you mortgage reaches its maturity date, most lenders will send out a renewal offer with various terms and rates. All you have to do is sign and send it back to them and your mortgage is automatically renewed. In some situations, if you don't respond they will automatically renew you into a small term, such as 6 months or 1 year. Most lenders will not do this until the very last minute and then try to pressure you to sign the renewal as there is a time limit. This is of course done so that you will not have time to shop your mortgage and may just sign the renewal without trying to negotiate a better deal. According to CMHC statistics 50% of all consumers renewing do not shop around for a better deal and simply take the first deal offered by their lender.
As easy as this all sounds, the rates offered to you at your renewal are usually the posted rates which are much higher than the discounted rates offered by many lenders. They are much higher than what they would be if you were a brand new client. It hardly seems fair that just because you are not a new client that you do not deserve the same treatment, especially considering you have your mortgage with that institution already. The interest rate that the lenders usually offer at renewal is approximately 1% higher than what you could get by going through a mortgage broker. Over the course of five years, that 1% difference can save you thousands of dollars in interest!
Our mortgage specialists here at Discount Mortgage Canada can arrange for you to get the best rate at no cost to you. There is no need to call your current lender and try to convince them to give you a better rate when you can just call us and we will take care of everything for you. The best part is that we can get another lender to include any costs that you current lender are going to charge you at renewal. Sometimes lenders will charge a renewal fee, or discharging fee if you choose to leave. We can arrange it so that the new lender will include such fees so that you do not have to pay this money out of your pocket.
The best strategy that you can have is to contact us 120 days before your mortgage comes up for renewal. We will offer you the best interest rate at that time and should interest rates decrease you will automatically get the lowest rate within the next 120 days. This way if rates should go higher you will be guaranteed the best rate and not be affected by the increase.
Apart from the great interest rate savings you can get by transferring your mortgage, a Discount Mortgage Canada Inc mortgage specialist can review your situation with you to determine what kind of mortgage is best. You might be interested in a variable rate mortgage or a line of credit or even consolidate some debts at the same time. There are many situations to consider and our mortgage specialist can cover all of the bases for you to ensure that you get the best product and best interest rate.
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