Hi. I’m James Harrison with Mortgages.ca Today I’m going to tell you why you should not sign that mortgage renewal letter you just got in the mail. Did you know over 80% of clients will sign the mortgage renewal letter they receive in the mail? These rates are typically over 0.5% higher than the going rate. Now, we understand the last time you did a mortgage is probably five years ago And so you may not be familiar and you see this number on paper and you think, “Wow this looks pretty good, I’ll just take that.” You can just initial, the process is done. The lender is going to make it really easy for you and we understand this seems very easy. But this simple task could cost you tens of thousands of dollars Take your mortgage renewal letter, provide it to your mortgage broker They’re gonna going to go over all the options on the market and potentially save you this tens of thousands of dollars Yes it’s not as easy as signing your name. But 20 minutes work of providing new docs and you could potentially be saving thousands of dollars. Other things you’re going to want to consider, Which you may not even know, is whether or not your mortgage is a collateral charge. Some lenders will automatically register a collateral charge on your property putting a full charge If you got your mortgage at TD, National Bank or RBC it’s automatically a collateral charge Regardless if you have a mortgage-secure line of credit This means you cannot switch lenders at renewal. It has to be done as a refinance which can incur additional costs. If you speak to a mortgage broker they’ll be able to tell you right away if it’s a collateral charge and then how we can get you out. Again, it’s more important than ever: Do Not Sign That Mortgage Renewal Letter in the mail. A 5-minute call could save you thousands of dollars. Trust me. It’s worth it. And you heard it here, from Canada’s Trusted Mortgage Professionals. Thanks for watching. For more content like this, subscribe to our YouTube channel. If you want us to speak about a specific topic, leave a comment. If you want to speak to a mortgage broker give us a call or send us an email anytime.