Mortgage Renewals in Winnipeg

This year in nearly half of all homeowners who hold a mortgage will renew their existing mortgage with their current mortgage lender at posted rates. This is a shocking statistic when you consider that posted rates are usually 1.5 - 1.75% over the fully discounted mortgage rates (Today's Best Mortgage Rates in Winnipeg) we offer our clients. On a typical $200,000 mortgage, your savings over 5 years would be approximately $15,000 ($250/month in additional interest). To put that another way, one simple call to Verico Mortgage could save you over $15,000!

So how do banks manage to get away with offering posted mortgage rates year after year?

In the past, banks would mail out mortgage renewals in Winnipeg 3 to 4 months before a clients mortgage came up for renewal. This gave the client plenty of time to shop around and explore their mortgage options. What the banks realized however is by mailing these renewal statements out later they would give their clients less time to look into other options. So today, mortgage renewals in Winnipeg go out only days before the mortgage comes due instead of months before, meaning the client is much more likely to simply sign the renewal and send it back into their bank; at posted rates. The client simply doesn't have time to shop for lower mortgage rates.

When you work with Verico Mortgage, one of our Winnipeg mortgage brokers will help you avoid becoming another posted rate statistic. We make sure our clients not only get the best mortgage rates in Winnipeg today but we will work with you to make sure you get the best mortgage rate every time; we work for you not the bank. If you have a mortgage renewal here in Winnipeg that is coming up contact us today; even if it is last minute we know how to help you avoid this trap.

Winnipeg Mortgage Brokers