Why pay a higher interest rate?
For the majority of homeowners, a mortgage repayment is their most expensive monthly expense. When the agreed term is nearing its end and the time has arrived to renew, current lenders can in certain instances take advantage of existing clients. They send a letter offering a discount to renew, which on the surface seems like a good service technique. Generally, it asks you to “Simply sign and return this agreement letter.”
Although this may seem the most logical and convenient way to rid yourself of this issue, in fact it could also be the cause of you paying more than you need to. Your home is probably your biggest and most valuable investment, in many respects and therefore, you should consider its value and the cost of owning it. Take advantage of possibly gaining financially by seeking alternative mortgage renewals in Guelph. It is an option that could benefit you with a lower interest rate than that offered by your current lender!
Protect your financial investment
There are various institutions offering competitive rates and service opportunities related to mortgage renewals in Guelph. It is in your interest to determine with some expert advice, what are the best options for you, both now and in the future. In different cases, mortgage providers in their quest for new business will frequently offer potential clients more attractive rates if you decide to switch from your existing lender. Keep in mind, that it’s your decision and also, should you decide to change your lender, you still have the power to attempt at negotiating a better rate for your mortgage renewal than the one offered to you. Remember, the old saying; “If you don’t ask, you don’t get!”
Although it may seem convenient to just sign a renewal with your current lender, it could be a costly decision! For instance, you may be forced to pay a higher interest rate, or the new terms and conditions may not suit your present circumstances and budget. Instead, why not seek some professional expertise by approaching a Guelph mortgage renewal lender who will not only welcome your new business enquiry, but could offer you a significantly and highly competitive service!
Also, keep in mind that you can request an existing lender to apply a determined “rate hold” for a new mortgage renewal to enable you to find and compare alternative rates. At Mortgage Guys, we want to work for you. We cover all areas of home lending including information on mortgage renewal, mortgage insurance, first time home buyers, refinancing and more.