Mortgage renewal question..

[ranchlandsselling]

Originally Posted by onetwo_threefour

Not necessarily true. I do refi's all the time referred by both brokers and banks. Some lenders will do their own legals, but many do not. If you can get the lender to cover costs, great, but it's not common in my experience for them to do so.

Are you talking refi or switch? If there's new money involved it's not a straight renewal or switch. The only switch at renewal I've needed was because it was a Scotia STEP mortgage.

[bizaro86]

Originally Posted by ranchlandsselling

Are you talking refi or switch? If there's new money involved it's not a straight renewal or switch. The only switch at renewal I've needed was because it was a Scotia STEP mortgage.

Sorry, I was too broad. You will often need a lawyer. For example, all of TDs new mortgages are collateral charges, which will almost certainly require a lawyer when switching. If you have a LOC attached you probably need a lawyer, etc.

[ranchlandsselling]

Originally Posted by bizaro86

Sorry, I was too broad. You will often need a lawyer. For example, all of TDs new mortgages are collateral charges, which will almost certainly require a lawyer when switching. If you have a LOC attached you probably need a lawyer, etc.

Fair enough - TDs new mortgages must be like the Scotia STEP ones now too. How annoying.

Thanks!

[onetwo_threefour]

Originally Posted by ranchlandsselling

Fair enough - TDs new mortgages must be like the Scotia STEP ones now too. How annoying.

Thanks!

Yep, as are Royal's Homeline Plans, and several similar products that are being pushed by various other lenders.

However, my previous point was not specifically about LOC's or collateral charges. At renewal, if you take your mortgage from one lender to another, even if you don't take money out (what I think you are referring to as a switch) there is often a lawyer involved. Sure TD could thoretically assign the mortgage to Royal if you pay it out at renewal instead of re-upping with TD, but Royal generally wants their own security document registered rather than assignment of TD's. That doesn't always mean a lawyer as many Lenders have in house legal for this situation, but several still give those deals to outside lawyers.

[jar_e]

CP poster Mike Oxlong is a mortgage broker and did wonders for our mortgage. Maybe give him a PM.

[ranchlandsselling]

Originally Posted by jar_e

CP poster Mike Oxlong is a mortgage broker and did wonders for our mortgage. Maybe give him a PM.

So is CP poster Ranchlandsselling

[Deegee]

Originally Posted by ranchlandsselling

So is CP poster Ranchlandsselling

Some of us work at Credit Union's with major liquidity issues who are looking to lend at low rates and are awesome to deal with.

[Mike Oxlong]

Originally Posted by ranchlandsselling

So is CP poster Ranchlandsselling

I thought you were a realtor?

Anyways as for the OP question it has basically been answered. If you don't respond to them they will generally just put you into an open mortgage at the conclusion of your current term. If you were in a 5 year term with them that rate was good for those 5 years, they have no obligation to extend that rate especially when variable rate discounts have basically dissapeared.

As others have suggested though certainly tell them you have been shooping around and you got quoted some far better rates than what they offered you.

If you want to know the best rates on various terms send me a PM and I will be happy to give you some ammo to go into your meeting with. Unless they know you have no chance of qualifying anywhere else they will likely play ball and offer you a better rate.

I tell people this all the time but it bears repeating for everyone. DO NOT EVER SIGN YOUR MORTGAGE RENEWAL NOTICE FROM YOUR BANK!!!
They will send some BS rate to you hoping you will just sign without shopping around. Many people do and they end up paying FAR more in interest than they need to. It pays to speak to a broker so they can find you the best rate possible.

And as for switching to another bank when you mortgage is up for renewal most of the time there are no legal fees if it is a straight switch. If you change ammortization length, add money to the mortgage etc.,... it then becomes a refinance and at that point a lawyer needs to get involved.

Rates are crazy low right now so your timing is good for a renewal.

If anyone else is renewing soon I can get a 120 day rate hold on most rates. Let me know if anyone has other questions.

[bluck]

Hey PM me , I work for a bank and I think I can beat all the rates ya posted!

[ranchlandsselling]

Originally Posted by Mike Oxlong

I thought you were a realtor?

Nope, not a realtor. I only do the brokering on the side anyway. Just park my license do a few deals here and there to help people out. I've tended to just give free advice lol.

Generally if people are looking for a Mortgage Broker on CP they should go to Mike as he's been here much longer and has his own thread in the Power Ring Forum http://forum.calgarypuck.com/showthread.php?t=57295 I'm not important enough for my own thread.

That said, neither of us are important enough for our own forum

http://forum.calgarypuck.com/forumdisplay.php?f=41

[photon]

Originally Posted by ranchlandsselling

That said, neither of us are important enough for our own forum

http://forum.calgarypuck.com/forumdisplay.php?f=41

Hey if you or Mike want to sponsor a Mortgage Broker subforum, we're open to it.