Renewals
Relax. We’ll make renewal easier
Think it’s too time-consuming to shop around when it’s time to renew your mortgage? Think again.
Your agent takes care of the heavy-lifting
He or she will talk to several lenders, to give you the best financing options at the best rates, based on your needs.
Better rates than most borrowers get on their own
We usually offer a rate that's lower than what the banks offer.
This translates into big savings
| Bank renewal mortgage | The Mortgage Centre negotiated mortgage |
|---|---|
| Mortgage Principle: $300,000 | Mortgage Principle: $300,000 |
| Rate for 5 yr Term: 3.50% | Rate for 5 yr Term: 2.69% |
| Amortization: 25 years | Amortization: 25 years |
| Monthly Payment: $1497.81 | Monthly Payment: $1372.45 |
| Savings Monthly: $0/month | Savings Monthly: $125.36 |
| Mortgage Owing at end of term: $258,840.04 | Mortgage Owing at end of term: $254,878.62 |
| Savings on Principle: $0 | Savings on Principle: $3,961.42 |
Your savings over a 5 year term is $11,483.02.
The above savings are calculated as follows from the table above: Monthly savings on payments over the 5 years is $125.36 x 60 months (5 years) = $7,521.60 plus the savings on the difference on the ending principle. $3,961.42 + $7521.60 = $11,483.02.