MyQ Negotiates for You

It is mortgage renewal time and your current mortgage lender has sent you a renewal notice with a renewal offer that you can simply sign and return. How convenient. How easy. How tricky…

While the renewal rate offered in those re-signing letters is typically lower than the lender’s posted rate, we know that you can do better. According to the Canadian Association of Accredited Mortgage Professionals, almost four out of 10 people who renew with the same lender do so at the original rate proposed by that lender. They don’t negotiate.

Financial institutions know that people will simply return the offer for a number of reasons:

  1. Too busy
  2. It’s more convenient
  3. Scared to negotiate

Working with a broker takes all of those excuses out of the equation. We are never too busy or scared to do the work that needs to be done to find the best mortgage scenario for your personal situation.


Let us answer some of the more commonly asked questions to save you research time:

Q. What is the difference between a fixed or variable mortgage?

A. A fixed mortgage rate enables you to “lock in” a predetermined rate for a set period of time, while a variable mortgage can be the riskier of the two options and is at the mercy of changes to the mortgage lender’s prime rate. If it goes up… so does your mortgage payment.

Q. Is it best to renew with my current lender?

A. While your current lender might be the best choice in the long run, they may not offer you the best rates and terms right from the get-go. It is always best to look at offers from other lenders and do your homework. That’s why brokers can be your best friend. We have access to those connections at the tip of our fingers and negotiate on your behalf. We are confident in saying that you’ll never find a better mortgage offer than one you’ll find with our help.

Q. Can I include my property taxes in my mortgage payments?

A. Yes. Many lenders allow the option of paying your own taxes, or having them included with your mortgage payments. However, some lenders may insist that they be included with the mortgage due to the loan to value ratio. That is one of the points that brokers will negotiate on your behalf.

My Quick TipMyQuick Tip Avoid panic decisions. You don’t have to wait until your mortgage comes due to re-negotiate. In fact, you can re-negotiate as early as 120 days before your renewal date.

I want to talk about my upcoming renewal.

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