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The mortgage
market is very competitive right now. All the major banks and
trust companies are clamoring to get new mortgage business and
to maintain their existing business. It is truly a consumers market
for mortgages!
The banks
posted interest rates are only the starting point for your mortgage
renewal negotiations. Interest rate discounts of 1/4%, 1/2%, 3/4%
and even as high as 1% are not unheard of in this market. Renewal
fees are VERY negotiable and should not be paid unless you have
exhausted all other possibilities.
So where do
you start? You must become an informed consumer.
You have no negotiating power unless you know if what you are
being offered is a good deal or not. This takes some time and
effort on your part but it can save you several thousands of dollars
over the life of your mortgage.
The first
step is to contact your existing financial institution to discuss
your renewal options with them. In many cases they will offer
you a small interest rate discount as soon as you ask for one.
Most of the time this is not their best deal so don't stop there.
Visit several other institutions and discuss your situation with
them. Tell them what you are looking for and you will be amazed
at how aggressive they are to get your business. This whole process
takes time, effort and a lot of patience but it will pay off in
the end.
The alternative
to all this work is to let us get you the best mortgage right
from the start. We won’t waste your time and we’ll get you the
best possible rate right from the start. Best of all, the lender
will pay for our services so there is no cost to you. Sound too
good to be true? Check out the testimonials
from our many satisfied clients.
When you are
ready to proceed just let us know!
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