Renewal
Your bank will send you a renewal letter. Don’t sign it.
The default renewal offer your bank sends you is almost always 0.30–0.50% above what we can secure shopping the market. On a $500K mortgage, that’s ~$1,500–$2,500 in your pocket every year for the next term.
Auto-renewal vs. shopped renewal.
The difference is rarely about saving 5 minutes. It’s about not leaving money on the table.
Auto-renewalWith Maple Crest
Rates shopped1 lender (yours)40+ lenders
Pre-renewal letter sent21 days before120 days before
Default offerPosted rate (the highest)Discount rate before you ask
Negotiation helpYou aloneWe do the negotiating
Switching costOften $1,500+Usually paid by new lender
