Mortgage Renewals Brokers market share drops to 25% from 47%

Did you know where Calgary Mortgage Brokers Fail?   I was thinking about this and I don't think its intentional.   I think it has to do with the mentality that:

If its not broke, don't fix it. 

Currently Calgary mortgage brokers write 47% of all new mortgages.   This is because when it comes to shopping, we know the lay of the land, we know who is offering the best deal.   When it comes up for renewal we only write 25% of these deals.  

Did they get the lowest mortgage rates available?  They just don't know.

Have you ever bought a car?  Did you just go back to the same dealership when you wanted a new one?  More than likely if you are like me, you test drove a couple from a couple different places.  You had to battle the aggressive car sales people wanting to tell you what you want which you may have found annoying.  "This is what you are looking for it has a spoiler, it has to be sporty"  I shopped around every time I wanted a new car.  Sometimes I have stayed with the same dealership as I loved my contact there.  Do bank clients do the same shopping around for their mortgage rates at renewal? Sadly, many do not.

That renewal form that the bank sent out were not the lowest mortgage rates they could do. Why would they send you their best mortgage rates?
When you just indicate on the paper what rate you want, settling for the banks posted rates, you are also agreeing to any material changes made to the way the mortgage was structured in that term.  For example one company in recent years changed their payout calculators making it very expensive for clients.  When they went to move, seven years down the road, they were hit with a much higher than anticipated fee to transfer, and told me that is not what they signed up for.  To which when I finished digging, the reason was the way the company did the calculator changed and when they renewed they renewed into the new method.

  

All I am asking is for those people to double check to ensure they are not wasting thousands of dollars by locking into much higher rates, or renewing into a lemon of a car, when you could have been driving something that fits your new lifestyle so much better.   Just ask a Calgary mortgage broker, what is the lowest mortgage rates and best mortgage products available right now.   Worst thing is going to happen is that we say stay put, don't move that is perfect.

Best thing? A little extra time, money, and peace of mind.