Four Reasons to Use a Mortgage Broker for Your Renewal

If you’re one of the roughly 1.1 million Canadians* whose mortgage is up for renewal this year, then you’ve probably already started wondering what you’ll do when the date comes. With interest rates continuing to climb, it’s important to get a head start on the process, and an experienced mortgage broker with a broad lender base can help you do just that and more.

1. Save you money

When it comes time to renew, most homeowners choose the convenience of staying with their current lender instead of shopping around for other options. Your lender knows this, which is why they’re likely to withhold their best offers upfront. Don’t sign anything without doing your due diligence first. Better yet, let a mortgage broker do it for you. We offer the best rates upfront, no games.  

2. More options

Mortgage brokers don’t work for the banks; they work for you, the homeowner. With more than thirty lenders to deal with, brokerages like Personal Choice Mortgage Services can help you find the mortgage that’s best tailored to your current financial situation, in addition to offering up the kind of expertise and independent counsel you won’t find at a big institution.

3. Early renewal

As inflation continues to cause rising interest rates, now more than ever is it worthwhile to explore early renewal options. Lenders can hold interest rates up to 4 months in advance of renewal. Talk to a mortgage broker to see if you can take advantage of lower rates while they’re still being offered.

4. Switching lenders

If you do choose to go with a new lender, that means you’ll have to submit a formal mortgage application as if you were applying for a new mortgage. A mortgage broker can simplify this transaction, as well address any other concerns or questions you may have during the application process.

Don’t wait until the last minute to learn more about what renewal options are available to you. Get in touch with the skilled advisors at Personal Choice Mortgage Services Inc. and get a head start on renewing your mortgage.


PHONE: 905-318-1414

TOLL FREE: 1-877-318-4141

*Bank of Canada

By: Graeme Carey

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