My Mortgage Blog

It's incredible how fast 5 years can fly by. It's even more incredible to see what 2020 has brought us! This year has been an adventure for many of us, especially for home owners. 2020 brings a huge opportunity to many home owners, especially if your mortgage is coming up for renewal soon.

Almost four out of 10 people will renew with their same lender, signing the rate proposed by that lender, possibly missing out on a HUGE opportunity to save money. You and I both know that your mortgage is likely the biggest investment you can make. You did the research when you were first buying your home — it only makes sense to put in some work at renewal time to make sure you're still getting the best deal on your renewal.

These last 6 months have brought a lot of new changes to the way banks, and monoline lenders operate, especially on PEI. Just because your bank sent your a mortgage renewal letter last week, doesn't mean that rates have not changed since then.

It is even possible that your goals and priorities have shifted making your existing mortgage is no longer the right solution for you. For someone who may be looking at retiring for example, this would be an ideal moment to consider refinancing, pulling some equity from your home, and reducing your overall monthly payment.

You can potentially save thousands of dollars just by reviewing your mortgage options. 2020 has changed the way many of us live our lives. Why not take advantage of the opportunity, and see if your mortgage can change for the better.