What could
you do with an extra $15,000? If I were to offer you a cheque for $15,000 or
even $2300 in exchange for a few documents would you turn in down because it
was easier to simply renew your mortgage at your current lender? There are
numerous published reports that confirm that most borrowers simply sign and
return their bank's offer letter upon their mortgage renewal. More often than
not, the rates they offer you are not the lowest available rates and they are definitely
not as low as a Mortgage Broker could get you. If you take it upon yourself,
you may very well be able to negotiate a better rate with them but how will you
know if it is the best you can get?
Here is an example… If your lender is offering you 4.24% for a 5 year fixed on a $250,000 mortgage* you would be paying roughly $15,600 more in interest than the standard 2.89% that most brokers are offering for the same term.
Now let’s say you negotiated with your lender and they were willing to drop your rate to 3.09% (which is a standard rate for the banks today). You would still be paying roughly $2300 more than if you had gone to a broker!
Furthermore, when you use a Mortgage Broker, we work for you. Instead of trying to deal directly with the bank, you have an expert to negotiate on your behalf. You will feel confident that you have the lowest rate and best product.
For more information on switching to another lender or any mortgage questions at all, please contact me today.
www.christinebuemann.com
Here is an example… If your lender is offering you 4.24% for a 5 year fixed on a $250,000 mortgage* you would be paying roughly $15,600 more in interest than the standard 2.89% that most brokers are offering for the same term.
Now let’s say you negotiated with your lender and they were willing to drop your rate to 3.09% (which is a standard rate for the banks today). You would still be paying roughly $2300 more than if you had gone to a broker!
Furthermore, when you use a Mortgage Broker, we work for you. Instead of trying to deal directly with the bank, you have an expert to negotiate on your behalf. You will feel confident that you have the lowest rate and best product.
For more information on switching to another lender or any mortgage questions at all, please contact me today.
www.christinebuemann.com
*based on a
20 year amortization
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