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Mortgage Renewals in Ontario
If history holds true, nearly 50% of homeowners will do their mortgage renewals in Ontario with their existing bank (the one that holds the mortgage) this year; at posted mortgage rates! When you consider that posted mortgage rates can be as much as 1.75% over the fully discounted Ontario mortgage rates you see offered by Verico The Mortgage Professionals; that is a tremendous amount of unnecessary interest costs. To put that into monetary terms, a client would pay over $15,000 in extra interest over a 5 year term on a $200,000 mortgage ($250/month). To put that another way, one simple call one of our mortgage renewal specialists could save you over $15,000 on your mortgage renewal in Ontario.
It is no secret that the banks make most of their mortgage profits at the time of mortgage renewals in Ontario. How do they do it? The strategy is alarmingly simple.
Banks used to mail out mortgage renewals in Ontario 3 to 4 months before the mortgage came due but they realized there was a better way. By mailing the client their mortgage renewal in Ontario just days before the mortgage comes due the client simply doesn't have time to shop around or consider their options. The client signs the mortgage renewal and sends it back into the bank... at posted rates.
By working with one of our Ontario mortgage brokers will help you avoid this trap and get you the best mortgage rates in Ontario every time. If you have any mortgage renewals in Ontario that are coming up please contact us today; don't wait until you become another posted rate statistic.
Ontario Mortgage Brokers
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