Mortgage Renewal: Bank Loyalty vs. Broker Advantage
By Dave Oliver, Mortgage Broker with TMG The Mortgage Group
When your mortgage comes up for renewal, it should be a straightforward process—review your options, secure a competitive rate, and move forward with confidence. But in reality, many homeowners unknowingly leave money on the table by simply signing their lender’s renewal offer.
Let’s break down the key differences between renewing with your current bank versus working with a mortgage broker like Dave Oliver with TMG The Mortgage Group.
The “Easy” Option: Renewing with Your Bank
When your mortgage term is nearing its end, your bank will typically send you a renewal offer. It’s convenient, quick, and requires very little effort. For many people, that’s enough to sign and move on.
But here’s what most homeowners don’t realize:
- The first offer is often not their best rate
- Banks rely on customer inertia—they assume you won’t shop around
- Better rates may only be offered if you push back or bring competing quotes
In other words, the bank may be willing to offer a more competitive rate—but only if you do the work to prove they need to.
Call Dave @ 306 227 7367 for best Mortgage advise ....
Type page body text here...