Did you recently receive a notice from your lending institution reminding you that it’s time to renew your mortgage?

No matter how good the offer looks, don’t just sign it and send it back. Bring it in to us, and we’ll see if we can find you a better deal.

Here are 5 reasons you should bring the offer into us before signing:

1. The posted rate you see is not the best rate

The posted rate you see at your bank is more like a starting point for negotiating. Usually banks will offer you the posted rate, hoping you accept. If your bank does offer you a discounted rate right away, don’t accept. This is a discounted rate from just one lender.  Mortgage Design Group works with many lenders, so we can offer you more options.

2. Do your research

Know what’s available in the market in terms of rates being offered. As well, understand your financial health, as that also impacts the rate you can get. Knowing this before going into a renewal will save you time and make for a better experience.

3. A broker will get you a better product and rate than the bank

We can offer a better rate than the bank because we can access multiple lenders offering multiple products. A bank can offer you only rates and products from one supplier: them.

4. Loyalty to your bank will not affect your rate

You have been with the same bank for years. You do everything with them, so of course they give you the best rate possible when it comes to your mortgage renewal, right? WRONG! One Bank Of Canada study found that a new customer will get a better rate than a long-time loyal customer.

5. It’s not all about rate – check the terms before you sign

The lowest rate may not be the best rate for you. Getting a low rate up front may result in extremely high charges if you need to break your mortgage early or if you try to pay extra. That’s why we take the time to understand your current situation and needs, as well as what you have planned for the future. Depending on what life-stage you are in, your mortgage may need to be flexible.