Your mortgage term is nearing its end and you've received a renewal offer from your existing mortgage provider. Do you simply sign that mortgage renewal and carry on? You certainly can; however, we suggest you get a second opinion to ensure that what you're being offered is a great option and, more important, a solution that fits your future needs and goals.
The Difference 5 Years Makes
If you're like most Canadians and your mortgage is up for renewal, you likely took it out 5 years ago: the majority of mortgages in Canada are for 5-year terms. A few things have probably changed in your life over the past 5 years. You might now be married, or divorced; you might now have a child (or a second or third); you might now be an empty nester with your kids moved out and away for school. You might have changed jobs, started a new career, or gone back to school to upgrade your skills.
Once you consider your present situation, you will see there has been an array of changes in the way you live now compared to 5 years ago, which likely means your present and long term needs and goals have changed as well. Shouldn't your mortgage renewal – probably another 5-year term – reflect these changes?
The Value of a Mortgage Specialist
Our team believes in exactly that: finding the right mortgage product to fit your situation. Any bank, broker, or lender can have you sign a renewal. The Auxilium team of planners takes a holistic approach to your mortgage, recognizing that it's only one piece – although a valuable one – of your overall financial well-being. We’re happy to provide that second opinion for the renewal letter you received in the mail.
You may wonder, what will this second opinion cost me? Our team doesn’t charge anything for the consultation, so it's free to discuss your options with us.
Will you get the lowest rate available? Yes – most of the time. Over the years we've discovered that the lenders offering the lowest rate are not always the best fit for our clients' overall needs. Occasionally, the lender that costs a few more dollars each month offers superior flexibility and is a better match for your financial goals.
Why doesn't everybody approach renewals this way? In a word: team. When you engage the services of a mortgage broker or your local bank – through a road or in-branch representative – you are typically getting one person to work on your file. With increasingly complex mortgage regulations, it can be a struggle for one person to keep up with all that's required to provide stellar client service. When you employ the Auxilium Team, you benefit from the efforts of several experienced financial professionals who are in your corner.
Getting started is easy. Contact Auxilium Mortgage today to speak with one of our planners: call 250-590-6520 (Toll-Free 1-855-590-6520) or visit us at 307 Goldstream Avenue during regular business hours. Our team can also arrange an appointment evenings or weekends to work with you.
Auxilium Mortgage Corporation is based in Victoria, BC and works with clients locally and across Canada. The Auxilium team has over 100 years of combined financial experience and access to dozens of lenders to help you meet your goals.
This post reflects the best available information at the time of writing/last update. In order to ensure that you have the most up-to-date information, contact us to confirm the details for your specific situation.
Originally posted October 2016
Updated January 2020