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Don’t Take the Easy Road to Renewing Your Mortgage

You make time to see your doctor for an annual check-up, and you have your mechanic give your car the once-over before heading out on a road trip, so why do most Canadians wait for their mortgage renewal notice to pay attention to what is probably the largest investment of their life?
Between kids heading off for college, job changes, pay raises or reductions, retirement, death of a spouse or serious illness, it’s unlikely that your personal financial situation has remained unchanged during the typical five year mortgage contract. Because of this, it is very likely that the terms of your current mortgage no longer meet your needs.
Rather than having to make a huge financial decision under pressure, it makes a lot more sense to review the terms of your mortgage annually. And doing so could save you a lot of money.
If you’re in the habit of glancing at your mortgage renewal letter, signing and sending it back, and then going on with your life, you could be leaving a lot of money on the table. Yet, the majority of Canadians do just that because they think switching mortgage providers is just not worth the effort.
The truth is: if the average homeowner put as much effort into reviewing their mortgage renewal contract as they put into picking a vacation destination or choosing a new car, the savings could be enormous.
What most Canadian's don't know is that almost all mortgages can be switched to another lender for NO COST. This means that there may be more options avaiable for you then what is limited from your bank. It is worth it for you to explore all of your options before signing that renewal!
The temptation to ‘sign and return’ may be great if you have a busy lifestyle and lots of other pressing matters. But when you’re dealing with a financial investment as large as your home, you really can’t afford to ignore it.

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