Canadian Mortgage Trends posted an article this last week discussing mortgage renewals and the diminishing rate shock at renewal. Basically forecasting that the spread from a current fixed mortgage rate to a renewal rate may only be 10bps compared to the last few years in which the spread was higher. This is great news for consumers but we keep telling everyone now, more than ever, is the time to get a mortgage broker to shop your renewal. We keep seeing significantly higher rates being offered to clients for renewals compared to what the same institution is offering for purchases and compared to their competitors. We are not switching lenders on all renewals but we certainly are keeping the existing lender honest and those that are not moving on price are losing to mortgage to a competitor we help the client with. We are happy to look at any renewal, just email over a copy and well do the rest! Email:
scott@thewestlakteam.com