A forum only concerned with economics.
I own a house near Toogood Pond Park in Markham. I have taken a mortgage on my home. The mortgage term is up and it's now open for renewal. Every mortgage renewal is a chance to assess the current mortgage and compare it to any new financial goals. I’m a firm believer in fixed-rate mortgages. I have tried it for many years over variable rates and found extremely well.
The current lender has to send a mortgage renewal statement at least three weeks before the renewal period. I'm not interested to continue with the current lender as they cannot provide me with the best available mortgage rate. Switching the lenders would be a tough task and it may require little more paperwork. Will there be any difference in qualification criteria required? My friends said that they may charge fees for making the switch, including an appraisal fee to verify the property’s value. I think, a right mortgage professional or broker can guide us and negotiate on our behalf. It would save our time, effort and money. I have listed a few brokers offering the lowest mortgage renewal rates in Ontario from the internet. Can someone help me with this? Guys, share your suggestions and opinions regarding this. Thank you!
Does anybody out there have insight into Canadian stuff?
Do you mind if I open this question to the larger crowd and promote this discussion?
Short term or fixed balloon mortgage loans for houses that can be re-negotiated periodically (renewals) seem vanishingly rare in the USA. Rates on 15 year notes in the USA are in the high 3% range for now.