Start shopping your mortgage early with several different mortgage brokers and as many banks as possible. Go to lenders that have your credit cards, bank accounts, mortgage, and are located in the neighbourhood. They're all looking for business. Possibly even try some credit unions. It could save you thousands of dollars.
Many lenders are only sending renewal letters with 5-year fixed mortgages and with non-discounted rates. They're counting on your complacency to not do the work and simply sign back. Banks generally have terms from 1 - 10 years.
Compare several offers before making the best decision to suit your circumstances. Do NOT assume your bank is giving their best deal in the renewal letter. Make sure the mortgage fits your needs.
Start making the calls at least 3 to 4 months ahead of time. Check your renewal date today and start planning!
For more information, feel free to reach out to:
John Chrisanthidis, Mortgage Broker (FSCO Lic. M08001294 Mortgage Intelligence FSCO Lic. 10428)