With our busy lives we strive for things to be easy and that will often apply to mortgage renewals too. It might seem an easy option to sign and return the renewal form and let the lender take care of the rest, after all the rate they are offering seems OK.
Writing in the Globe and Mail, wealth adviser Ted Rechtshaffen of TriDelta Financial points to the importance of shopping around. He was offered a renewal that was two per cent higher than a deal he was able to get elsewhere and when he phoned his existing lender he was offered a far better deal.
He was also told that a lot of people just accept what is offered. Some people may phone around but clearly a broker is an even better choice and the story highlights how important it is for brokers to follow up with previous clients as their renewals approach.
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