If you are looking to get a Mortgage in Oakville, or refinance or renew one, do you have to go to your bank for the loan? The answer is a resounding NO! In fact, signing the mortgage renewal card your bank sends could cost you thousands of dollars in extra interest!
You would think that a bank you have been doing business with for years would automatically extend their best rates and terms to you – their loyal customer. Many people simply sign the renewal card without even shopping around. Calling a mortgage broker can save you a lot of money since they will shop the loan for you – and offer you tips how to save money and get the best terms for your financial needs.
Mortgage agents can explain your options: variable vs. fixed rate; early payment options; lump sum payments; weekly vs. bi-weekly accelerated payments, doubling or skipping payments, etc. If you have high interest debt – like credit cards – you can also consider increasing the amount of your mortgage when you renew. By taking the additional amount to pay down high interest debt, you can save a lot of money – since mortgage or secured debt – is financed at a much lower rate.
Mortgage experts, like Claire Drage and her team at Mortgage Medics, help people save money with mortgage renewals all the time. “You are not required to renew with the same lender once your term is up. Chances are, we can save you a lot of money in interest since we shop not only banks, but other lenders – like trust companies, credit unions, finance companies, private lenders and more to find the best rate.”
Loan officers can only offer you the lending products that their bank carries since they are employed by the bank. Mortgage agents work for you – so they can give expert, unbiased advice on how to save money renewing your mortgage. Best of all, there is no charge for this service. Once you choose the lender, they get a commission – much like a travel agent.
For a free consultation to learn how much you can save on your next mortgage renewal in Oakville and the Greater Toronto Area, we suggest you call the team at Mortgage Medics! (905) 847-6611 or visit their website at www.MortgageMedics.com.