Quote:
Originally Posted by photon
Just got docs to renew a mortgage, and the existing mortgage is at prime - 0.8%. The options they list as choices are all worse than that (5 year variable 3%, 5 year open variable 3.8%, 5 year fixed closed 5.29%), do I have to accept one of their choices? Or can I "do nothing" and renew at the current terms?
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As mentioned above, you can call back and negotiate, and you'll most likely get a better rate, and you can pay them off and take your business somewhere else. But if you "do nothing" I believe it will auto-renew, but not at the current terms, they'll pick one of the things they offered you and give you that.