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Mortgage Renewals
When your mortgage term is coming up for renewal, most banks will send a renewal notice in the mail. Generally this notice is sent 30 days before the mortgage is due and the rate is an undiscounted posted rate. Amazingly enough, 60% of Canadians sign this renewal form without research or seeing what else is available in the marketplace.
Here is an actual example of how much money our clients saved in a 5 year period between the posted rate that was offered by their bank and the Broker Rate that we secured for them.
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| Existing Bank's Renewal Offer |
Our Offer |
| Mortgage Amount |
$155,000 |
Mortgage Amount |
$155,000 |
| Amortization |
20 years |
Amortization |
20 years |
| Interest Rate |
6.70% |
Interest Rate |
5.35% |
| Mortgage Payment |
$1165.55 |
Mortgage Payment |
$1048.04 |
| Balance after 5 yrs |
$132,890.24 |
Balance after 5 yrs |
$130,021.36 |
Difference in Mortgage payments x 60 months:
$117.51 x 60 = $7050.60 |
Difference in Mortgage balance after 5 years:
$132,890.24 - $130,021.36 = $2868.88 |
Total Savings in 5 years:
$9,919.48 |
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With over 40 Major Canadian Lenders to choose from , we do all the work for you, free of charge! Simply put, our purpose is to shop for the best mortgage to fit your specific needs and the Lenders will bid for your business.
View our current rates on the right side of this page, or visit our Mortgage Specials section to see what other Mortgage options are available to you.
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| 1 Year Closed |
2.55% |
| 2 Year Closed |
3.20% |
| 3 Year Closed |
3.54% |
| 4 Year Closed |
4.09% |
| 5 Year Closed |
4.19% |
| 7 Year Closed |
5.30% |
| 10 Year Closed |
5.40% |
| Prime |
2.25% |
Last Updated: 10-Mar-10 |
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