Mortgage broker Christchurch renewal

If you have a home with a mortgage there will come a time that you will need to renew your mortgage. Depending upon the term of financing you originally signed up for, this could be after 1,3, or 5 years, sometimes even longer. As you mortgage reaches the end of your original term, most homeowners are confused about what to do and what their options are. As a result, Big Banks capitalize on this opportunity and tend to take advantage of the poor consumer. They do this by offering to renew your mortgage at a rate which is not the lowest available.

Hard to believe they make BILLIONS of dollars this way?

Lets suppose the best current 5 year fixed rate that I have access to as a Mortgage broker Christchurch is 3.59% interest. (which it is the day I’m writing this). When your renewal documents arrive from your bank, they might be offering you a new 5 year term at 3.99% (which is not terrible, but certainly not the best). The bank knows that 75% of the people will sign those documents and send them back in. They know that most people are scared, lazy, or complacent to go shop around and see if the rate is decent. Why is that? Are consumers scared they may not qualify, scared that it might be too much paperwork, or just too busy to want to save THOUSANDS OF DOLLARS?

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