A recent widely published report by CIBC estimated that a record 47% of all Canadian residential mortgages will come up for renewal in 2018.
So, should you renew with your existing bank or should you see if you can do better somewhere else?
The best answer is that most often it is better to renew at your existing bank.
But, there is a way to set it up so you will get the very best rates and terms.
Firstly, do go to a Mortgage Broker.
Mortgage Brokers do not cost you any money to use.
Get the best rate quote possible from your broker then take that rate to your existing bank and see if they will match or beat it.
If they do, then you win. If they don’t then you still have the option to get your financing done through your broker.
I do this for my clients all the time and it is about 50/50 as to whether the bank can match or beat my quote, so it is well worth doing. Either way you will win.
Please feel free to contact me anytime at 519-217-3484 or geoff@getmortgaging.com
