Mortgage renewals are one of the most neglected decisions made during the life of a mortgage. Many homeowners stay with their existing mortgage lender because they believe it is too time consuming to shop around for a better rate. Or, they simply think that the offer from their existing bank is the best deal available. This is not correct.
The fact is that each Bank branch acts as a separate profit centre independent of the Head Office. They are rewarded and paid based upon the profitability of their over all mortgage portfolio. They know that most homeowners don't want to go through the hassle of shopping around, and possibly having to re-qualify for their mortgage at a different Bank, so, they offer you a higher rate and hope that you will take it.
Our experience has shown that most banks offer their renewing clients a discount of .25% off their advertised rates. If a client wants to discuss a rate discount with the branch they belong to, they usually receive a response no sooner than 5 days.
If the bank wants to keep your business, shouldn't they respond in a timely manner with a deep discount for a returning client? At SRS Mortgages & Lending Corporation all clients are treated with the respect and courtesy they deserve. The best rates are negotiated for our clients and there is no consideration for one client over another.
If the client does manage to negotiate a little better rate, it’s usually a maximum ceiling discount of that representative, who works for the bank and represents the best interest of the bank. Moreover, this is most of the branch allows the mortgage representative to discount any mortgage product. Some special cases are given for clients who have many investments held within that bank, but for the most part there are no exceptions made.
Some homeowners are smarter than others, and they negotiate for a better rate. This usually results in a rate that is better than what was originally offered in the renewal process. The smartest homeowners call a mortgage broker who may have the knowledge of best rates offered in the market place and who could shop around the best rate for her or his client!
We are able to gain competing offers on your mortgage business and we usually return with a rate that is better than your Bank could offer you. That's right; this may translate into incredible savings!
If your mortgage is up for renewal, or you are looking to increase your mortgage on more favorable terms than you are being offered by your current mortgage company, we will do your mortgage shopping for you. We could find you a mortgage at the best rate currently being quoted in the market for the term and on the conditions you want. Provided you are a “qualified borrower” with respect to the amount you want to borrow, there is no fee payable to us by you for this service. We work for you and we are paid by the lenders.
Call our any Mortgage professional to serve you or apply online. You will be glad that you did!