Mississauga and Brampton Mortgages
Many homeowners do not give much thought to the mortgage renewal process. The typical homeowner receives a letter in the mail that invites the individual to renew his or her existing mortgage at a slightly discounted rate over their “posted rates.” Without first weighing his or her options, the homeowner signs the letter and mails it back, therefore accepting the new mortgage terms.
Unfortunately, many homeowners end up losing thousands of dollars by simply accepting their mortgage lenders’ renewals with no questions asked. According to the findings of a study by Bank of Canada, loyalty doesn’t exactly pay off for bank customers. The study found that the best deal tends to come when the borrower switches mortgage lenders or when he or she is a first-time buyer, not when the individual signs a mortgage renewal. This is why it is so important to shop around before you make your decision!
How Our Mortgage Brokers Can Help
At AKAL Mortgages, we believe that you should not just renew your mortgage loan—you should renegotiate it! Our mortgage brokers have connections to numerous lenders and can help you assess your options and determine which one will provide you with the best loan terms.
We can help you compare factors such as:
- Interest rates
- Lender fees
- Annual percentage rates (APRs)
- Monthly payments
Make sure you talk to one of our skilled brokers before signing that mortgage renewal form. We are committed to helping our customers save money on their mortgages in Mississauga and Brampton. Give us a call at (416) 621-1300 and schedule a free evaluation!