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Mortgage Term Ending - what are the options? (1 post)
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EBLAIR
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Click for profile 		If you have received your mortgage renewal statement recently, you will notice that mortgage rates have jumped dramatically from five years ago. When your mortgage term is nearing to its end, it is important for you to know that you can always take your mortgage business to another lender and there is no “penalty” (only if you do not "break" your mortgage term) however beware that there are COSTS associated with just switching mortgage lenders: 1) Appraisal Fee: you may have to pay the cost of an appraisal when you switch to a new lender. Any new lender needs to know what the fair market value is, of your home, before they will agree to advance mortgage funds on it. Appraisal fees can be anywhere from $150 - $350 depending on the square footage of your home and these are always ordered by the lender so do not go out and hire an appraiser yourself. 2) Discharge Statement Fee: you will have to pay the cost that your lender will charge to prepare a discharge statement for your mortgage. EVERY bank charges a discharge fee if you leave them at the end of your mortgage term. The discharge statement fee can range from $150 - $300, depending on your lender. 3) Legal Fees - a new mortgage will have to be registered and you will need a lawyer to do this for you. The cost to register a new mortgage can be anywhere from $600 - $1,500 or more, depending on what you are having done.

Now typically, when you get a renewal notice from your lender (before your term is ending) and you do not like what you are being offered on renewal, you can do two things, 1) you shop the rates yourself and go back to your lender and negotiate the rate with them directly; or 2) you call me and I will shop the rates out on the market for you. Because I deal with over 40 lenders, I can let you know if you are being offered the best deal. If you have exhausted your efforts to negotiate with your own lender, you can choose to ignore your lender's renewal “offer” and I can set up a new mortgage for you to take effect on your mortgage expiry date……it is that simple. I help clients switch all the time and it is a painless process.

Now if you are concerned about the “cost of switching”, I have a GREAT product just for that! One of my lenders will pay ALL of the costs typically associated with switching your mortgage:

1) your appraisal fee will be paid;
2) the discharge statement fee is paid;
3) and the legal fees are covered.

So essentially, it is a NO COST switch that allows you to move your business without costing you a dime. Also, since I have the ability to negotiate discounts on your mortgage rate too, I can almost always guarantee a better rate than what your own bank is offering. Look me up (ww.missmortgage.ca) one month before your renewal date, and I promise to give you the best service!
By Elizabeth Blair, Senior Mortgage Consultant, Mortgage Edge, Mississauga (905) 510-5785
quote / posted 05 December 2007 9:10 AM

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