I’ve actually had clients ask me that question! The business of life often gets in the way and we don’t always do our homework when it comes to our financial obligations. Before they know it, clients start getting e-mails from their lender and their broker reminding them that it’s time to renew their mortgage… “Wow, dear, has it been 5 years already? Our bank is offering us 2.99% for 5 years! What a difference from our old mortgage at 3.79%. Let’s sign now and lock it in because who knows what the future holds.”

The friendly mortgage broker they had dealt with five years ago calls to remind them that she may be able to get them a better rate than what their bank is offering and also review their financial situation and help them make some adjustments. Yes, time is of the essence and there’s paperwork involved which is a pain but consulting their mortgage broker may save them a lot of money in the long run.

I had a client recently who not only saved a whopping $8,000 on a new 5-year term but also lowered his monthly payments. And the moral of the story? You snooze, you lose. So don’t snooze (or lose!) – contact your Dominion Lending Centres mortgage professional today!

Courtesy of Marie-France Lavigne, AMP – DLC The Mortgage Source