Mortgage Renewals in Toronto

The yearly statistics we receive from the mortgage industry tell us that nearly 50% of homeowners will sign their mortgage renewals in Toronto with their existing bank (the one that holds the mortgage) at posted rates. This is a shocking statistic when you consider that posted mortgage rates can be as much as 1.75% over the fully discounted (wholesale) rates you see offered by Verico The Mortgage Professionals here on our web-site. To put that into dollars and cents, it would be over $15,000 in just 5 years on a $200,000 mortgage ($250/month). Or to put it another way, one phone call to Verico The Mortgage Professionals could save you over $15,000 by having us deal with your mortgage renewals here in Toronto.

It has always been widely known throughout the mortgage industry that the banks make most of their profits on mortgage renewals here in Toronto. Banks used to mail out renewal notices 3 to 4 months before the due date but they realized there was a better way. By mailing the mortgage renewals in Toronto out just days instead of months before the mortgage comes due, clients simply didn't have time to shop around or consider the other mortgage options in the market; they simply signed their mortgage renewal and sent it back into the bank; at posted rates.

At Verico The Mortgage Professionals, our Toronto mortgage brokers will get you the best mortgage rates in Toronto every time, not just this time. If you have a mortgage renewal that is coming up please contact us today; don't wait till you become another posted rate statistic.

Toronto Mortgage Brokers