17. Should I wait for my mortgage to mature?

No, have a Mortgage Edge Mortgage Consultant begin shopping around for an interest rate at least 120 days before your mortgage matures. This especially applies during a rising interest rate environment. Lenders will often guarantee an interest rate to you as much as 90 days before your mortgage matures. We at Mortgage Edge can arrange for a new lender, (as long as you are not increasing your mortgage), to cover the costs of transferring your mortgage at no cost to you. This means a rate guaranteed to you well in advance of your maturity date, thus eliminating any worries of higher rates. Should rates drop before the actual maturity rate, the new lender will usually adjust your interest rate lower as well automatically.

Statistically, most lenders, particularly the Banks, send out their mortgage renewal notices offering existing clients their posted interest rates. The rate you are being offered is usually not the best available to you. With Mortgage Edge, we will ensure you receive the best rate all the time. Always ask a Mortgage Edge Mortgage Consultant to investigate the possibility of a lower interest rate with all lenders on your behalf. If you don't, you may end up paying a much higher interest rate on your renewing mortgage than you should.