The major banks count on the fact that many people will opt for the simplest Mortgage renewal process, and just sign the Mortgage renewal notice they get in the mail.   While this may indeed be the simplest way to renew your mortgage, chances are that is nowhere near the best option for your renewal.

So, what do the big banks offer on their automated renewal notices?……

TD – Renewal letters are sent out and the rate offered is the same as what was offered on the previous term.  Read here about the costly effect of all TD mortgages being Collateral charges!

CIBC - Renewal letters are sent out at posted.  If client signs they get the posted rate.  If they go to the branch they can negotiate.

Scotia Bank – Renewal letters are sent out at posted.  Client is required to go to the branch to sign, at that point they may offer a discount if client asks.

BMO - Renewal letters are sent out at posted.  If client signs they get the posted rate.  If they go to the branch they can negotiate.

Royal Bank - Renewal letters are sent out and the rate offered is the same as what was offered on the previous term.

HSBC - Renewal letters are sent out at posted.

Paying posted rates will cost (on average) $18,000 or more  in additional interest in just 5 years on a $250,000 mortgage amortized over 25 years.  That should be enough reason to not sign that renewal notice without getting some professional advice!

We offer all clients the best discounted rates possible for your mortgage renewal, you don’t have to ask, you don’t have to negotiate!

Please Contact Us if you have any mortgage related questions.