Time flies! It feels like just yesterday, you were signing the papers for your new mortgage. Now, your term is up, and it’s already time to renew. Should you think about switching your mortgage lender, too?
Before you automatically renew with the same financial institution, take a pause. You have the perfect opportunity to shop for a better deal.
When your mortgage is up for renewal, you can look for a better rate at a different lender without breaking your mortgage contract. That means you can avoid fees you’d typically face by ending your term early.
Your renewal date is fast approaching, and you’ve got a call to make. Is it time to switch your mortgage to another bank or credit union? Here’s what to consider before making the switch!
What’s the number one thing on your mind when it’s time to renew your mortgage? Your interest rate. It’s a big part of what determines your new monthly payments.
The rate you received 3-5 years ago may look very different today. You might be bracing yourself for steeper payments if rates are higher across the board. That’s why it’s important to look for ways to cut costs where you can – and switching your mortgage is one way to do that.
By shopping around, you could find a rate that’s lower than what your current financial institution offers. This can save you money every month!
See the difference your interest rate makes by using our Mortgage Payment Calculator.
Worried that switching your mortgage will be expensive? When you transfer your mortgage to Cambrian, we cover the following fees:
For more ways to save money on your mortgage, check out our Special Offers!
What perks do other financial institutions offer? By switching your mortgage, you could benefit in other ways, too. Look for perks like:
By banking at Cambrian, you can save up to $234 (or more) in service fees every year. That’s thanks to Unfee, and it’s just one way we give back to our members.
By banking with a local financial institution, your money stays in Manitoba. Credit unions give back to the community, which means you can feel good about banking somewhere with a positive impact.
You need a mortgage that’s the right fit for your lifestyle, and that goes beyond choosing between a fixed or variable rate mortgage. For example, what if you want to pay off your mortgage faster?
At Cambrian, you can prepay up to 20% of your original mortgage each year without penalty. That means you can get debt-free faster and pay less interest overall.
Thinking about switching mortgage lenders at renewal? There’s a lot to consider before making your decision. Luckily, you can book a meeting with a Cambrian Advisor in just a few clicks.
At Cambrian, our mission is to save you time and money, solve your financial problems, and simplify your banking. We provide personalized advice that makes it easier to manage your money. Switch your mortgage today!
We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.
It takes less than 5 minutes to make an appointment or to apply online. It is up to you how you want to meet your advisor - you will have the option to meet your advisor:
