Mortgage Renewals Toronto
Wait... Don’t Sign Your Mortgage Renewal So Fast!
History has proven that the charted banks know that over 75% of current customers will not shop around for a better mortgage rate so they deliberately offer you (the loyal customer) a higher rate than is offered by a Toronto mortgage broker. Is that how loyal customers should be treated?
We offer FREE Toronto mortgage renewals also called mortgage switches, so that’s NO application fee, NO legal fee or appraisal fee!
More and more Canadians are turning to Toronto Mortgage Brokers for advice when their current mortgage is up for renewal saving themselves $1000’s or even $10,000’s in interest and payments over their mortgage term.
We at Lending Superstore pride ourselves in saving you money and treat all our clients the same with respect and privacy regardless of your loan amount. Our best rates are always posted and rest assured that you will receive the same dedication in finding the best mortgage product that suits your needs. We study the mortgage money markets 100% of the time assuring you that you will get the most up to date mortgage products and rates on the market.
When your mortgage is nearing renewal (that is, when the term is almost complete) remember these two significant opportunities to save money:
- Never wait for the Bank’s renewal statement to start your best mortgage rate shopping; the banks usually don’t give you enough time to shop around almost forcing you into accepting their astronomically high rate.
- Always consult a Toronto mortgage broker to shop the rate for you, we have many more lenders that don’t publish their rates and offer exclusive rate promo’s not publically advertised.
- Have a up to date list of current debts, it might be beneficial to shop for a refinance to consolidate your debts at this time. Saving you even more money.
- NEVER JUST SIGN THE RENEWAL UNTIL YOU SHOP THE BEST MORTGAGE RATE.
Toronto Mortgage Categories
Fixed-rate Mortgages
6 month, 1, 2 & 3 year (open, closed and closed-convertible) 4, 5, 7 & 10 year closed Variable-rate: 3, 4 and 5 year (open, closed, closed-convertible and capped) Split-term: Combination of all possible terms (6 month through 10 years) Self-directed RRSP's: A specialty mortgage rate - term optional - within CMHC guidelines. Investment of your own RRSP funds into all or part of your home mortgage.
What payment options and terms should you decide upon?
It all depends on what you want. Our Toronto mortgage brokers will assess your personal situation and needs to find the best mortgage for you at the best rate.
Variable and Short-term risk Mortgages
If rates are low and stable, and or you are prepared to take a calculated risk, you can pay a lower rate with a short-term mortgage solution. You simply roll over your term every 6 months, or float your rate against prime, with the option of locking in to a longer term at a later date. This is not for everyone, however, as sudden upward rate movements can have a significant impact on your payments. You may want to discuss this with one of friendly mortgage brokers.
Long-term Mortgages
Any term 3 years or longer is considered long term in today's economy. Though long-term rates are usually higher than short-term rates, you may not want to choose this option. Or, by locking in you will avoid exposure to rate increases. You'll have the comfort of knowing exactly what payments will be and you'll be able to manage your budget.
Split-term Mortgages
A split-term mortgage allows you to minimize or hedge your interest rate risk by splitting your mortgage into 5 parts. For example: A $150,000 mortgage could be split into five $30,000 segments with terms of 6 months, 1, 2, 3 and 5 year terms negotiated at today's best rates. The average rate would rise or fall much more slowly than changes in the market, however, as only the shorter terms are affected by even the most volatile rate movements over the first few years. Confused? Talk to one of LendingSuperStores.ca experienced Mortgage Brokers.
Mortgage Prepayment Options
Many Mortgage lenders allow you to make a lump sum payment, usually 10% to 20% of the original principal balance. Many Toronto mortgage products now include a double-up and skip-a-payment feature. This lets you bank extra mortgage payments in case of an emergency, at which time you can skip them if you need to. Ask one of our Mortgage brokers to advise you on your options today!
Changes to Mortgage Payment
Most Toronto mortgages will allow the amortization to be adjusted by increasing the payment on closed terms by 10% - 20% per year, once annually.
With this knowledge you can protect yourself and start to save money. Call Lending Superstore at anytime and speak to one of our Mortgage Specialists about all of your renewals / transfers needs at 1-877-903-9009 or just apply now!
