In many cases switching to a different lender at renewal can save a lot of money, and here’s why.
Often, from one year to the next, people receive renewal letters from their current lender with significantly higher rates than the client rightfully deserves. These lenders quietly hope the clients will simply sign to renew without researching other options, as many people neglect to do.
What most people don’t realize is that a seemingly small difference in interest rates can actually make a significant difference, running into thousands of dollars in interest costs. For example, on a $250,000 mortgage (5 year term, 25 year am), signing at a rate of 2.99% instead of 2.69% will cost an extra $3,391 in interest payments. What appears to be a minute difference in interest rates can produce a significant end result.
At mortgage renewal time, it is well worth a call to an independent mortgage professional to check your options. Mackenzie Gartside can provide a free, no obligation cost/benefit scenario to provide absolute peace of mind regarding the best financial decision.
Mackenzie Gartside is a Mortgage Consultant with Select Mortgage. Find today’s rates online at www.comoxmortgages.com or call 250.331.0800 for a personal evaluation of your mortgage scenario.