Renewing your mortgage? Doing your homework could save you thousands of dollars
Of the 47 percent of Canadians renewing their mortgages this year, those who take the easy option of renewing with their current lender, could cost them thousands of dollars over the next few years due to higher interest rates. It’s recommended that you do your homework. Recent interest rate increases mean that your mortgage payments will likely increase if you stay where you are. If you change lenders, you may be subject to the new stress test and fees, but you might save on your rate. You need to start looking at your available options, and if you find a good deal, lock it in now and don’t wait. If you are confused about what is the best option for you, speak to an advisor, but do it sooner than later.