What's the first thing that comes to mind when the bank sends you your mortgage extension? It's true that knowing that you are a "valuable" bank customer can assume that your bank will offer the best interest rate for your mortgage renewal. Their instinct, of course, is to say it's the best they can do and then sign and come back. You can also renew your mortgage via https://mortgagewindsor.com/.
What it's like to extend a mortgage for you and save thousands of dollars in interest over the course of your mortgage. Many consumers believe that their legacy lending institution, which is usually their bank, offers the "best interest rate" they can get. Not like that! Your bank runs a business to make as much money as possible for its shareholders and offers a higher interest rate than you would normally get from other lenders!
Renewals occur when your current mortgage term is due and your current lender sends you an offer to extend your mortgage. This is common practice in banks today.
Oftentimes, these lenders will issue renewals and offer for different types of mortgages, for example, 1 year fixed, 3 years fixed, and 5 years fixed. Did they give you, their valued customer, the best price when they sent you this extension? No, you don't! The bank hopes consumers will just think they have to sign this extension and return it to them.
Mortgage brokers have access to more than 30 lenders and can almost always offer better rates on renewal. Let your old lender show you whether you can get a good deal or not. Usually not! Your bank has only one lender. Mortgage brokers work for you, the customer, not the bank. Mortgage brokers typically have nearly 30 different lenders to choose from to meet your individual needs.
When you renew or refinance your mortgage, you want to find the mortgage and interest rate that best suits your individual needs, not the lender. Find an experienced professional to assist you in this process.