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3 Secret Tips to the BEST Rates at Renewal.

Shh, there is a secret to renewing your mortgage. From a 20-year mortgage expert. What the Banks don't tell you.

Rate, rate, rate. It's what is the top question for those with mortgages. Rate means NOTHING if you don't qualify for it.

Here are THREE secret tips to help you get the best rate and term on your renewal.

  1. Start 120 days before. Last-minute decisions can leave you in the dust with a bad rate Many lenders will send you a renewal notice about 120 days before your mortgage renewal date. Lenders know that if they wait til the last minute to send you a renewal notice and tell you "If you don't sign by X date... X will happen" that you just sign out of fear. NEVER sign out of fear! The bank will say anything to keep you. Called a retention team. Also, note that a renewal moved to a new Bank, can take up to 30 days to complete from application to closing. Looking to move banks, needs 30 days. 💡 Did you know? You can go up to 90 days past your renewal date with many lenders; while still getting your new mortgage with a new lender in place. The secret here is - Mortgage brokers use the request a "Mortgage Payout Statement" trick. This will STOP your mortgage payments and tell your bank "This mortgage will be paid off with other money". This buys us time to put the new mortgage in place. 📋TO-DO: get the rates your Bank will offer you in writing. All the terms. They must offer you 1, 2, 3, 4, 5, 7 and 10-year terms. Then send it to me so I can review it and compare to our "specials" - There is NO cost to do this.

  2. Credit SCORE is key. A 650 SCORE, likely you won't be changing Banks. The score you get from your Credit Karma, Bank Score, or Free score somewhere, they are wrong all the time. They are called consumer scores. You need the Credit Report that the BANK or BROKER pulls from Equifax or Transunion. Using a Broker, we pull it once and we can use it for the next 30 days and with as many banks as possible! Also, we can find issues and discuss what is happening on the credit bureau with you. I recently had a client whose bank put a 30 day LATE on their line of credit (due to miscommunication) causing their score to plummet from 800 to 580! With my advice and instruction, was able to get it reversed and removed from the credit bureau. LATE payments are BAD and stay there for 7 years. 💡 Did you know? Transunion score could be higher than Equifax's. Some Banks use Transunion such as Scotia, First National, and Bridgewater Bank. Depends on how it's presented to the lender. A good story goes a LONG way in getting mortgages approved. Did you also know, that your current bank pulled a "soft pull" on your credit already, thus the rate and term you have been offered is based on your score and what's been happening the past few years. 📋TO DO: You can pull your own credit for free and send it to me for review and tips on how to boost your score in 90 days.

  3. Is your current mortgage "INSURED". Insured rates are the BEST rates. RATEHUB isn't the best place to look. Super important to know as "insured" rates are WAY better than "non-insured" rates. What does this mean? If you bought a house 5 years ago with 5% down payment, you are likely "insured". This means you paid a CMHC premium of $x dollars with your mortgage. Keeping your mortgage insured for as long as possible is best. Yes, you can move lenders and it will still be "insured". 💡 Did you know? When you refinance (ie take money from your house to pay off debts), you lose that "insured" rate. You are now at a conventional uninsured rate. Those are not advertised, however, they are usually 20-50 points higher than the advertised rates you see on Ratehub. Advertised rates are "insured" rates as they are the lowest. Don't get caught in the "bait and switch" with those rates.

Don't ask a Mortgage Broker to compete with your Bank, we don't.

We don't get paid unless a mortgage is completed, so why would we do all that work, and waste a lender's time approving it for you to take that rate to your Bank. ⁉️⁉️ If they didn't give you a good rate upfront, they aren't working in your favor, and thus dump them. I have no problem giving 30 minutes to review your file and letting you know if you can or can't negotiate or leave for another Bank. 💡Did you know? If I feel your bank is the best place for you, I will tell you and other tips on how to negotiate with them. Remember, negotiating rates with lenders is all about what you qualify for and your credit. They know if you can or can not leave them and will use it thinking you don't know.

Always here for a chat. Just click the chat button!

Kiki Berg


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