STOP - Don't Just Sign Your Bank's Renewal Form!

Avoid the Common Mistake of Just Signing Your Lender's Renewal Form. Lower Your Rate and Save Thousands

Avoid the Common Mistake and Save

When your mortgage term comes up for renewal you have the option of renewing with the same lender or search for another lender with better rates as you may have done when you purchased your home. It is reported that majority of homeowners just sign their renewal forms without ever checking for better rates.

The banks and some lenders are notorious for sending out early renewal notices to their borrowers by claiming special rates for early renewals. The purpose of these notices is so that the bank can lock-in their borrowers for another term. In fact their offer is anything but special. The rate and terms offered by the bank is not the best and by signing these renewal forms without switching to a better rate you would be tossing money away.

Lower Rate Than Your Bank's Best Offer - Guaranteed.

The savings are Huge

You may be wondering how much of a difference a lower rate can make in terms of your savings, the answer is a lot. The rates are now at the historic lows and if you had locked-in your rates a few years back when the rates were higher, then you would save many thousands of dollars over the course of the next few years.

For instance a mere reduction of 0.85% on a $200,000 loan (with 25 years amortization) could be a saving of more than $8,000 over the next five years. Think of what you could do with an extra $8000 in your account.

Savings Calculation Example

Mortgage amount: $200,000; Amortization: 25 Years; Term: 5 Years

Scenario1: Interest rate 3.6%
Total Interest paid at the end of 5 year term = $33,427.06

Scenario2: Interest rate reduced by 0.85 to 2.75%
Total Interest paid at the end of 5 year term = $25,385.40

Saving ($33,427.06 - $25385.40) = $8,041.66

Act Today - Don’t Wait Until the Last Minute

Although I work quickly and can get you a great loan in a short span, it is always best to start earlier so that you can find the absolute best deal. Contact me today to discuss your mortgage needs