Your Home: Look carefully at your mortgage renewal

Before you sign your mortgage renewal, shop around.

Mackenzie Gartside

Special to The Record

 

We see many clients each year who have received mortgage renewal offers with grossly high interest rates, which would cost them thousands of dollars if signed. Banks are in business to make money. While they often offer special discounts and promotions to new customers, they typically try to charge higher rates on renewal to existing customers. Nice, eh?

 

That’s why renewal time is a great time to investigate your options and court other lenders. Beyond rates alone, your mortgage renewal is also an opportunity to review your family’s financial goals; you might find that a different mortgage product is better suited to achieving them.

Certainly there are costs associated with the legal work involved in changing lenders. In most cases, however, the new lender will pay those costs on your behalf to do a “straight” switch (i.e. with no significant changes to the mortgage amount or amortization).

 

 

Even with a re-finance (where you change the amount borrowed or increase your amortization), there’s at least one option that offers a free appraisal, $500 toward your legal fees and highly competitive rates. This is a great option if you’re looking to consolidate higher interest debt or use your home equity to finance a renovation.

 

So before you blindly sign your mortgage renewal, take the time to think about your needs and to shop around. Remember, there are a lot of lenders out there willing to woo your business. Take advantage of mortgage renewal time and ensure you’re making the best borrowing decision.

 

Mackenzie Gartside is a Mortgage Consultant with Select Mortgage. Find today’s rates online at www.comoxmortgages.com or call 250-331-0800.

 

Just Posted

Two Courtenay Habitat for Humanity families receive keys to new homes

Lake Trail Road project officially has residents

Preparations ongoing for Courtenay’s annual Earl Naswell Community Christmas Dinner

The doors of the Florence Filberg Centre, downtown Courtenay, will open again… Continue reading

Valley woman found guilty on three charges following 2016 collision in Courtenay

The woman involved in a trial for a multi-vehicle collision in which… Continue reading

High winds force several BC Ferries sailing cancellations

Tsawwassen to Swartz Bay, Horseshoe Bay to Departure Bay, and Duke Point to Tsawwassen among closures

Swiss juniors train in Comox Valley

The Swiss national junior hockey team is training at the Comox Valley… Continue reading

Man dies after falling from B.C. bridge

Intoxicated man climbed railing, lost his balance and fell into the water below

B.C. animation team the ‘heart’ of new ‘Spider-Man: Into the Spider-Verse’

The animators, largely based in Vancouver, ultimately came up with a creative technique that is drawing praise

Light at the end of the tunnel for UN climate talks

Meeting in Katowice was meant to finalize how countries report their emissions of greenhouses gases

Janet Jackson, Def Leppard, Nicks join Rock Hall of Fame

Radiohead, the Cure, Roxy Music and the Zombies will also be ushered in at the 34th induction ceremony

Supreme Court affirms privacy rights for Canadians who share a computer

Section 8 of the Charter of Rights and Freedoms protects Canadians against unreasonable search and seizure

‘I practically begged’: Kootenay woman with breast cancer denied referral to Calgary

Breast cancer patient left to fight disease alone after being denied referral to Calgary

21 detained before Paris protests as police deploy in force

There was a strong police presence outside the central Saint Lazare train station, where police in riot gear checked bags

Media, robotics, Indigenous studies coming to B.C. Grade 12 classrooms in 2019-20

Provincial tests are also being changed for students in Grade 10 to 12, the Education Ministry said

Most Read