If you are planning on renewing your mortgage you may feel apprehensive about it, or even overwhelmed. For many Canadians, purchasing a home can be scary! Given the enormity of the money being borrowed, many Canadians feel afraid and avoid doing sufficient research on such an intimidating topic. That’s why we’d like to offer some guidance to ensure that your mortgage renewal goes as smoothly as possible. In particular, we recommend that you consult with a broker for your mortgage renewal, for a number of important reasons.
Get Better Rates
By asking a mortgage broker for help, you will be able to get a great deal with a seasoned lender. In most cases, their rates will be much better than the rates that a typical bank will offer. The personalized approach that a mortgage broker can provide shouldn’t be underestimated. If you are feeling nervous or concerned, then they will walk you through the entire process so that you are fully aware of the proceedings, and know what to expect going forward. In other words, a good broker will put your needs and concerns first and will provide the utmost transparency, for your peace of mind.
Best Structure and Best Price
If you’re thinking of purchasing a home, want to refinance a home, or simply want to renew your mortgage, then a mortgage broker is highly recommended. That’s because, with a mortgage broker you will be able to obtain a mortgage with the best rates, as well as the best structure for your situation.
The alternative approach would be to physically go to each and every financial institution and try and negotiate the best rate with each prospective lender. This approach is simply impractical, not to mention time-consuming and tedious. A mortgage broker, however, will do all the work for you. You simply need to call them or visit their office once and they will take care of the rest, so you can focus on enjoying your home.
Pay Off Your Mortgage Faster
A mortgage broker will be able to help you with all aspects of your mortgage if you wish. They will be honest with you and will help you figure out exactly how much you can afford to pay instead of selling you false hope. They will also help determine the absolute best mortgage product for your unique situation, and help devise practical strategies that will save you more money, allowing you to pay off your mortgage quicker, so that you can truly own your home.
Most banks will simply sell their products to clients and wait for the money to roll in. With a mortgage broker, you get dedicated customer support over several years. That is, a mortgage broker will actually review your mortgage several times a year to determine if the product is still right for you, as well as try and find ways to pay it off quicker.