Why should I shop around when my mortgage is up for renewal?

When your mortgage comes up for renewal, do you ever wonder if that’s the very best rate your current bank could offer? Clearly they should want to keep your business right?

But then when you ask your current lender about what rate they’ll give you, you’ll often hear the answer “let us know what interest rate you find out their (online) and we will try to match it”.

But why should you have to shop around? It’s highly likely, that your current bank just made some good money off of you over the last five years and so why not show their loyalty by offering you the very best rate?

This is why, at Mortgage Teacher, we always recommend taking a Fresh look at renewal time. This is your chance to take see what the entire Canadian mortgage market has to offer and not just your bank or the other big 5 banks.

Did you know, there are currently over 36 chartered banks in Canada. There are also trust companies that have products with more flexibility and deeper discounts. And finally, credit unions tend to be more local, but again a better variety of products.

It’s important for you learn the differences of what options you have, to make it easier to find the very best deal and fit for your personal circumstances.