Everyone who has ever bought real estate remembers that important and bothersome event. It also concerns not only the choice of the house and the moving itself but the arranging of the mortgage at a favourable rate. Well, at last everything has settled, you have moved, received the mortgage with quite a good mortgage rate - now you can relax and live quietly!

The question is how to live and not to grieve? You need to pay mortgage, so you have much more responsibility. However, there are no unsolvable problems, everything can be gradually decided.

The time of the mortgage renewal eventually comes along. Of course, you remember that the date of the contract renewal is close, but life is so speedy; there are so many things to do that you simply forget about it. As a mortgage is coming up to the renewal date , most banks will send a mortgage renewal notice in the mail - usually one to two months prior to the term expiration. At this time the banks tend to take advantage of our busy schedules to assume that you will sign on with them for another term. The worst part is that the banks only tend to offer you their posted rate with very little or no discount. Almost 60 percent of the public sign this renewal without researching what the competition has to offer. If you renew the mortgage with your bank under the offered interest rates you will overpay a pretty sum of money in a form of additional percentages estimated to cost in the tens of thousands. So, don't be part of the masses - avoid higher rates, avoid unsuitable products and terms. Certainly, it takes a lot of time, patience and effort.

Also, if you have just one month left to find new mortgage you might be upset to realize that not a long time ago, for example, two months before your renewal date all mortgage interest rates were essentially lower. What to do? - we take what we are offered. Life is life.

Let’s see this 2008 year example. Within a short period of time (several days) all banks changed the formula of calculation of the rate on a variable rate mortgage from Prime Rate minus 0.75% to Prime Rate plus 1%. Thus, if we are talking about two home owners whose renewal supposed to be in the middle of December, depends on the time when they began their renewal process we could find the huge difference between their new mortgage rates. For those, who began the process of renewal in November, a month before term expiration,the new mortgage rate wast probably 5% (Prime=4% plus 1%). For those, who initiated the process 2.5 months prior to the end of term the new rate was approximately 3.25% (Prime mines 0.75%). Let us assume, both homeowners have to pay the mortgage over a 20 year period and the amount of the debt is approximately the same - about $300,000. At 5% the monthly payments will be $1,971 but at 3.25% the payments will decrease to $1,698. It is not difficult to guess that the bank takes the difference in $273. For the next 5 years, if both homeowners continue to follow the same conditions, even if the Prime changes, the formula is the same; one of the families will overpay $16,500. It is too bad, to be late only one month during the mortgage renewal and to lose MONEY.

We are here to offer you the expertise and resources so you can take advantage of the competitive mortgage market. All you need it to be registered for a special program - "Manage your mortgage". Here’s how it works:

1. 120 days before the renewal date we contact you and confirm the best possible rate and product to suit your interests. If within a 4-months period rates go up you already have the best. If the interest rate becomes better you automatically receive the lower one.

2. Throughout the remaining years before the contract is up for renewal we follow the changes of mortgage rates in the market. We will offer you the ability to transfer if in your personal situation it is beneficial to change to new conditions, even with penalties.

For every family who has mortgage - we offer you a registration for this interesting and profitable program - no obligations, no fees.

Every family registered for Manage Your Mortgage program will participate in a quarterly draw for a prize of a three night cottage vacation estimated to be worth $650. You can see the conditions here.

For those who are not familiar with the process of transferring a mortgage to another financial institution we just want to inform you that it is a no cost or almost a no cost process. If you don’t change the terms and conditions of the previous contract, such as the amount of the debt and the length of amortisation period, in most cases the bank pays for the appraisal and legal expenses. Some of the banks pay $200 towards the discharge fee. So you practically don’t have any expenses during the transfer but you will win as you receive the better mortgage rate.

Let’s sum it up:

• You will have a better mortgage rate at the time of the mortgage renewal in the future.
• During the remaining period of time of the mortgage, before the renewal, we will follow up with the best rates on the market. In case of cardinal changes we will suggests you some movements which will be financially favourable for you.
• You will be always well informed about any important changes in the field of crediting (we will regularly inform you in Russian about potential changes of the mortgage rates, and the tendencies in the future, and also about any important financial news).

In order to be registered online you have to fill out the following form below. Please be advised that we don’t request any confidential information.

If you don’t want to use the computer please send the necessary data by fax (416) 222-0338. Also we can register you personally in our office.

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