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There are several factors to consider, but in some cases switching at renewal can save a lot of money. We have many clients every year who receive renewal letters from their current lender with significantly higher rates than the client deserves.
These lenders hope the clients will simply sign to renew without researching other options. What many people don’t realize is that a small difference in interest rate can actually mean thousands of dollars in interest costs: for example, on a $250,000 mortgage (5 yr term, 25 yr am), signing at a rate of 3.59% instead of 3.29% will cost you an extra $3,391 in interest. The rates don’t seem very different, but the end result is significant!
Whenever your mortgage is up for renewal, take 10 minutes to call an independent mortgage professional to check your options.
We can provide you with a free, no obligation cost/benefit scenario so you’ll have peace of mind knowing you made the best financial decision.
Mackenzie Gartside is the Lead Consultant at Mackenzie Gartside & Associates — Select Mortgage. Find today’s rates online at www.comoxmortgages.com or call 250.331.0800 to discover your best mortgage options.