Mortgage Rates

| Mortgage Refinance |

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Mortgage renewal time is your best opportunity for switching or transferring your mortgage to another lender to better your rate, but beware - it is also the time where you can make your biggest mistakes.

Mortgage lenders will mail out their mortgage renewal notices about 30 days prior to maturity date of the mortgage term. These renewal notices will provide you with an opportunity to select a different term, change a payment frequency and lock in your rate to protect you from sudden rate increase.

The statistic shows that over 75% of all homeowners simply sign their renewal notices and mail them back to their lenders instead of shopping around for better deals. Yes, that's correct! Over 75% of all mortgages are renewed with existing mortgage lenders at posted mortgage rates which are about 1% higher then rates offered by other lending institutions.

If your mortgage is up for renewal you should try to obtain the lowest mortgage rate on the market, but you should not be doing it alone. Shopping for a better mortgage on your own could actually hurt you from obtaining the best deal. Every time you complete new application form the lender will perform a credit inquiry and obtain your credit report with beacon score.

Mortgage lenders price their mortgages based on your score. The lower the score - the higher the mortgage rate. With each new application you will lose valuable points thus lowering your score even further.

Shopping for a better mortgage rate is recommended, but you should always use the services of a mortgage broker.

Mortgage brokers will shop for the lowest mortgage rates on your behalf - free of charge. Mortgage brokers will perform only one credit check which is submitted with your application to all lenders.

If your mortgage is up for renewal in the next 120 days, let a mortgage broker to shop around on your behalf.  There is no appraisal or legal cost either for as long as you don't increase your loan amount. That would not be classified as a mortgage renewal - it would be mortgage refinance