So why did we create Monitor My Mortgage? I have never worked for a bank and I am not a mortgage broker, just a guy that has had a lot of mortgages over the years and felt that it was about time to remove the “veil of secrecy” the banks have over how to manage my largest liability…my mortgage!
We often stress for weeks at a time preparing for a new mortgage or near refinancing time, wondering how competitive the rate will be? When do I lock in? Is my bank giving me the best rate?
But in the end the banks want to do only one thing… get you the best rate for them, and make you feel like you did well!
I have always used a mortgage broker; they look for the best rate and fit for your mortgage. The lenders pay them and most lenders pay the same commission to the brokers, so they don’t have a bias, they help you secure the right fit for you.
So why do we bury our mortgage in a file cabinet and ignore it for 3, 5, 10 years? Because that is what the banks want you to do! They make their penalty calculations very difficult to figure out, they call you 30-60 days before your renewal when the pressure is on to make a snap decision to refinance with them…why?
Banks are like cell phone carriers, they maximize the rate they can charge you and hope you ignore the market rates over your term…if you try to leave early they send you to the “Loyalty Department” to tell you how much they care about you and how “surprise” they can match that rate that you found yourself in the market.
In the end, they have made the most possible money off of you until you found a better deal. Now try and leave them and guess what….”there is a penalty.”
Monitor My Mortgage helps give you visibility to penalties, we notify you when you want to investigate renewals (180, 120, 90 days…you choose), we show you all available lenders and rates, we inform you when the Prime Rate changes or Bank of Canada Rate changes and how it impacts your mortgage specifically.