Unfortunately, when it comes time to a mortgage renewal, many people get busy or otherwise procrastinate planning for this significant financial event until it is too late. They usually just accept the lender/banks renewal offer, which is usually not as competitive as a wholesale broker rate would be, simply because it is easier. While ease and convenience are good things in general, they are not when they end up costing your thousands of dollars more in interest, or put you in a product that could potentially be very restrictive (ie. Prepayment Penalties). Mortgages are “Big Ticket” items and you could benefit tremendously by having Alan review your current financial situation, renewal offer, and discuss you short and long term housing plans. Who knows, he may simply get you a better rate at your bank, free of charge, if that is what is best for you. The key is to plan atleast 5 months before the maturity date as many lenders will hold a rate and Mortgage Commitment for up to 120 days, protecting you from rising interest rates during the negotiation process.
If your mortgage is coming up for maturity, don’t blindly take the banks offer without consulting with Alan first!