It is shocking to me that so many people search for their mortgages relentlessly during the first purchase but only agree to the bank's primary proposition when renewing their mortgage. Many banks offer renewals at the posted rate! You can take the advantage of mortgage renewal services by popping over here.
It is easy to understand renewals. More than 60% of people will sign back renewal letters, without ever checking out what else is available. There is no reason for financial institutions to offer their best offer.
Even more interesting are the facts about renewal letters, as is the custom, which arrives approximately two to three weeks before your mortgage is up for renewal. You have a mere two- to the three-week window to plan for financing with another bank or lender or to take advantage of any lower rates in the three to six months before your renewal date.
Pre-approving renewals with additional institutions should be done 90-120 days before the actual renewal date. This will allow you to receive the maximum amount of winnings at the lowest rate for the longest time possible before your renewal date. This is even better because it is completely free and without obligations.
Shop the market before your current mortgage holder sends you anything. A mortgage broker can help you get a renewal at a low rate. It is easy to complete the documentation. The documentation required is proof of employment, documents showing tenancy of the property (mostly a title deed and tax assessment). This could cost you thousands of dollars over the long term. In today's world where every dollar is important, this could be your opportunity to save thousands of dollars on your retirement funds or purchase a large home.