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I am always surprised when I see how often banks still try to stick their customers with high interest rates when the customer inquires about renewing their mortgage. Unfortunately, it seems that there are still many trusting people out there that take what the banks say as gospel truth and unknowingly throw away money on high cost mortgages. Maybe you've seen this tactic yourself. You get a letter from the bank offering to renew your five year mortgage at a fixed rate of 5.69% then, by chance, you come across their website where they are offering the same exact five year mortgage at a special rate of 4.49% to try and drum up new business. What a joke! Apparently banks don't seem to be concerned with offering their current customers the option that is best for the customer. And apparently they feel no compulsion to reward their customer's loyalty with a fair offer. One would think that the banks would realize that it is less expensive to keep an existing customer than it is to go out and find a new one and that this knowledge would compel them to take good care of their existing customer base. Experience tell us, however, that this is not the case. Unfortunately, it seems that banks would rather cast out a bunch of these high interest rate offers and hope that their customers are gullible enough to trust them, or to laze to shop around. I think this is not only unfair to their customers but also a bad way to do business. Sooner or later many of their customers are going to realize they got stuck with a lemon loan and they are not going to be happy about it. What can you do to protect yourself? Well, next time your bank sends you a mortgage renewal offer with a highball interest rate quote get in contact with them and question them thoroughly. Don't put up with any speeches about their standard rates or other drivel. Find out why they are trying to stick you with a rate that is obviously high compared to other sources. If you decide to talk to the bank and ask them for a quote be sure to tell them that they are only going to get one shot at giving you an offer so they better make sure that it is the best offer that they can make. Then take their offer and compare it to offers from other banks and mortgage planners to find the best deal available. When you find the lender that is more concerned with your welfare than stuffing their wallet you will know you have found the right provider.
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Get additional information about renewing amortgage loan in Canada, and Ontario mortgage rates at www.mortgageloancanada.ca
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