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Mortgage Renewal Questions Answered

Below are some recent questions from a potential client...

If one enters into a variable rate mortgage, how quickly or efficiently do your brokers inform the mortgage holder of rising rates?   The lender by regulation has send you a notification by mail, showing you when rates or down and what you next payment will be. However they do not advise you of opportunities to save money on your mortgage. At Dreyer Group, we continue to monitor all our clients mortgages and make phone contact if we identity an opportunity for our clients to save money on their mortgage. Also our team is in contact with you throughout the life of your mortgage and we are available anytime should you have any questions. Our goal at Dreyer Group is to make you mortgage free as soon as possible. How difficult are your brokers to contact after a mortgage has been placed with DGM?

At Dreyer Group, we have a team of licensed mortgage brokers. Our office is open regular business hours (Monday to Friday 9-5) and you can call anytime. We always have staff to answer any questions or concerns. What generally is the notification method?  We send mailer notifications to your home, email and phone calls. We also have our website, face book, twitter and a blog site for you to stay up to date with what we are doing when ever you choose.

What steps are required for a mortgage renewal application?   It is a simple application process that takes 10 minutes to complete. You can do this on the phone, by fax (completing our hard copy application attached) or online at http://www.dreyergroup.ca/apply-online/ Is there an exhaustive questionnaire and approval process for renewals?   No, we work hard to make the mortgage approval process as simple as possible. We start by taking the application, pulling a credit bureau, shopping your mortgage for the best rate and product, present those options to you, submit the mortgage to the lender and collect any documentation the lender requires i.e. proof of income, property assessment and depending on the loan to value of the property, we may have to get an appraisal.

How soon can a renewal be processed?  Depending on the lender we place your mortgage with, it is typically 2 weeks. Once we have the necessary documents from you, the process can be expedited.

Please provide rates for the following terms as soon as possible:
3 & 5yr variable, closed; 2 & 3 yr fixed terms.

Regarding rates and products, it’s best to speak to you about your future plans and goals, we can then assess what products and rates would work best to help you reach your goals. But here are the rates you requested, 3 year variable, is Prime -.80 (2.2%) 5 year variable, is Prime -.90 (2.1%) A 2 year fixed is currently 3.25%, 3 year fixed is 3.35% * Rates are subject to change and OAC.