Are you getting the best renewal from your bank? Check out for a rate quote!


Here’s a great example of what The Christies Real Estates Team’s  favourite Mortgage Professional, Marc Lalonde, Dominion Lending can do for you!!

 The next 3 to 4 months are the busiest time of the year for mortgage renewals, makes sense because most purchases close between May and August each year.  Here is a great story of clients who took 5 minutes to send us an email to ask if the renewal rate offered by their bank was a good one.  Their email saved them close to $5000.00.  If you are in this situation, please  check out .  You will get a rate quote in less than 24 hours!

Here’s the full story and enjoy the long weekend.

“Hi Marc,

My wife and I were introduced to you by a local realtor a while ago when we were thinking of moving.  While we decided not to move, at least for a while, but we still remember you!  We have never had a mortgage professional before but everyone says we should. So we will try this time.  We have a small townhouse and currently have a mortgage with a BANK (I can’t name the bank) with about $250,000.00 remaining. It expires on May 1.

Here is what we think:  We are looking for 5 year fixed term with a couple of different options.  We prefer renewing through  the BANK as it seems to be the simplest way to renew for us, but I guess it all depends on the rate we could get and additional cost for legal fees, appraisal fees, etc. when switching to a different lending company.  Therefore, we would like to know what kind of rate we could get from the BANK  and what rate from other bank or lending companies along with cost of fees.”

Here’s what happened next;

  • Client’s current rate was 2.99% – 5 year fixed rate, which they negotiated in May of 2014 when they purchased their home.
  • Client was offered the “privilege” of getting a 3.59% -5 year fixed rate from their bank if they renewed early!
  • We told our client we would be able to offer a 3.29% – 5 year fixed, we pay for the appraisal  and there would be a small legal fee of under $650.00.
  • Client took our offer to their bank and the bank countered with 3.34% and hinted they could possibly get  them 3.29%.
    • 4 days later their bank denied the 3.29%, which was our original offer!! The clients were very frustrated and felt insulted at this offer.
    • Keep in mind these clients have an amazing profile!!
      • Perfect credit scores  (800 +)
      • Owns more than 70% of their home
      • He has been at the same job for 15 years as a salaried employee.
      • They have banked at this bank for over 20 years.
  • The clients decide to use our services.
  • We recommended that we complete the application and we would monitor rates to see if we can get a further rate reduction.
    • We ended up completing their mortgage transfer with a 5 year fixed rate of 2.99%.  The same rate they got in 2014. 
    • The clients took our recommendation of keeping the same payment as if their rate was 3.34%  to accelerate their savings even further.
Mortgage Amortization Rate Term Payment Frequency Balance Remaining Savings – 5 years
 $ 250,000.00  240  2.990 %  60  $ 713.25  Accelerated Biweekly   $ 190,093.83   $4928.60
 $ 250,000.00  240  3.340 %  60  $ 713.25  Accelerated Biweekly   $ 194,252.71   $4158.88
 $ 250,000.00  240  3.590 %  60  $ 729.03  Accelerated Biweekly   $ 195,022.43 $0.00

Bottom line,  you are able to get a rate quote within 12 hours by using  and possibly save yourselves thousands in interest.

Have a great long weekend!

Marc Lalonde

Mortgage Professional

604 837 1967

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