• Renewing Your Mortgage

  • How I Make It Simple And Save You Money

    Is your mortgage up for renewal in the next six months? As a professional mortgage broker, I'm always on top of Canadian mortgage trends – its why 40% of homeowners who use my services enjoy renewal rates 0.40% lower than those offered by their current lenders.

    That's because it takes more than simply being in overall good standing with your bank or mortgage provider to receive preferential renewal rates. Why? They usually rely on their customers' loyalty and offer better deals to first-time home buyers and people thinking of switching.

    I know what it takes to get you the lowest rate possible.

  • Case study

  • I was recently contacted by a potential client who had just received a renewal letter from her current lender, offering the posted 5-year fixed rate at 2.99%. She reached out for a second opinion to see if I could do better.

    (Posted rates are what banks typically send their existing clients knowing that 75% of clients don't usually shop around and simply renew. Discounted rates are the rates your bank doesn't want you to know about – the ones usually offered to clients with top beacon scores who, ironically, are most likely to be able to afford the posted rates.)

    The client had great income, a beacon score over 700 and her debt ratios were in line for a lending rates, and I knew for a fact I could secure her a lower rate.

    In fact, it's my fiduciary duty to ensure you receive the best rate and product possible.

    Here's what a little number crunching revealed:

    Client's mortgage renewed at $200,000

    Posted rate: 3-year fixed at 2.99% from her lender

    Discounted rate: I was able to get her a 3-year fixed at 2.49%

    Mortgage

    $200,000

    Rate

    2.99%

    Term

    3 years

    Amortization

    25 years

    Monthly payment

    $945.47

    Interest accrued over term

    $17,049.13

     Discount – what I can get through my lender is a 3 year fixed @ 2.49%

    Mortgage

    $200,000

    Rate

    2.49%

    Term

    3 years

    Amortization

    25 years

    Monthly payment

    $894.94

    Interest accrued over term

    $14,173.46

    In other words, with the rate I secured for her, I was able to save my client nearly $3,000.

  • Here's what one of my clients says about how I've helped them secure a mortgage renewal:

  • "I was introduced to Amina by some friends. The first thing I noticed is that she listened to me and identified my concerns. She was very professional, reassuring and she advocated for me through out the process and ensured that all went well without any problems. I would highly recommend her service to anyone." Joseph O. Brampton, Ontario
  • Remember: Ideally, it's best to take action 4 to 6 months before your mortgage expires, rather than at the 21-day mark, when most lenders inform client. With 4 to 6 months, I can shop around most effectively and, if there are penalty costs to switching early, many lenders will absorb these costs for you.

    Is your mortgage coming up for renewal? I can help make the process simple and stress-free – plus save you money. Give me a call today at 416-697-5443 or email me at [email protected]

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