Renewing Your Mortgage: How to Beat the Bank at Their Own Game

This week's episode was centered around the mortgage renewal. People think that they are doing themselves a favor by accepting their lender's offer right when they contact you just to get it off your plate. We also continued with our previous show's conversation regarding interest rates and the direction they are taking. Whenever interest rates start to go up, variable rate borrowers should examine whether or not now is the time to lock into a fixed rate mortgage. Have a listen to learn how to get the best rate on your renewal and to get some insight on whether or not now is the time to lock into that fixed rate.

If your mortgage is coming up for renewal soon, try out the tips from this episode! If you already forgot what they were or just didn't feel like listening this week, give Cannect a call instead. We can help you get the best renewal rate possible, even if it means switching to another lender. All the work that's involved with making the switch, we'll take care of it.

0:00 - Intro
4:46 - The culture of any company starts from the top.
7:25 - Justin discusses the image people in finance have and how Cannect looks to hire “real” people.
10:59 - Caller question about term length options for a mortgage and how your ideal option may change based on your credit score.
18:40 - Justin explains the difference between renewing your mortgage and refinancing your mortgage.
20:10 - Marcus discusses the stress test that was implemented a few years ago and the aftermath of it coming into effect.
28:47 - What happens if you don’t renew your mortgage?
30:48 - Marcus explains the bank’s mortgage renewal process.
34:00 - A caller asks if now is a good time to lock into a fixed rate.