A mortgage renewal can be very expensive to a Canadian homeowner. Thousands of dollars are wasted annually because they tend to just sign the information and send them back to the lender. Over half of all consumers do this, when they should take the time to shop around and find a rate that is lower. Never accept the first rate your lender offers. Try to negotiate with them so you can save money on your mortgage loan.

It can be useful to shop around for terms before your current mortgage expires. This gives you ample time to find out what is out there. You won’t be pressured to make a decision due to a lack of time before the mortgage renewal has to be completed. It isn’t fair that the typical lender sends out that information close to the end of your term with them. They do this in the hopes you will just sign and return it and they make more money.

Find out when your next renewal is due and what your current rate is on that loan. Try to start the comparison shopping a few months before that renewal time. This helps you to find the very best possible deal. Saving money on your mortgage is a great way to have more money for savings or to pay other bills.

A mortgage professional can take care of all of this leg work for you. Share the information you have with them and give them time to find you a terrific deal. They will answer any questions you may have along the way too. Should you find a better deal with them, they can help you complete that paperwork and get it all in motion.