Mortgage Renewals in Canada

The mortgage statistics we receive in the industry tell us that nearly 50% of homeowners will sign their mortgage renewals in Canada this year at posted bank rates (with their existing lender). This is an alarming statistic as posted bank rates can be as much as 1.75% over the fully discounted mortgage rates offered by us; this can be in the tens of thousands of dollars over the term of a typical mortgage.

It is common knowledge in the banking industry that the big banks make most of their mortgage profits at the time of mortgage renewal. By mailing clients their mortgage renewals in Canada just days before the loan comes due, clients barely have time to consider their options never mind shop around for a better mortgage rate. This 'game' that the banks play is one of the reasons we see record bank profits year after year; and why mortgage brokers play such an important part in the process.

A mortgage broker in Canada will not only get you the best mortgage rate this time; we get you the lowest mortgage rate every time. If your mortgage renewal in Canada is coming up please contact us today; we will make sure you avoid becoming another posted bank rate statistic.