You have to be very careful and active while renewing your mortgage. Waiting for your mortgage renewal letter and then signing off with the same lender without consulting other brokers and agents can land you in a big problem and will not save you any money.
To avoid this situation, you should start contacting various mortgage brokers and agents prior to the end of your mortgage term. Meet them and check whether you have better mortgage plans with terms and conditions that go well with you. Following this approach will help you know about market rates and negotiate them with your current lenders.
Besides, it is not mandatory to renew your mortgage with the same lender. You always have an option to switch to other lenders for mortgage renewal if you find better rates and terms with them.
Contact Ontario Mortgage Expert specialists for making right choices. Our advisors are always there for your help. Save your money with us!