(MENAFN- EIN Presswire) EINPresswire/ -- Every week, Canadians criss-cross their cities to save a few cents per litre at the pump. But according to Whitby mortgage broker Mohamed Konate, who serves clients across the Durham Region , those same people often ignore the chance to save thousands of dollars on their largest expense - their mortgage.

“People will spend ten extra minutes in traffic for a $3 gas saving, but when their mortgage renewal notice arrives, they sign without question,” says Konate.“This is a national money blind spot - a quiet decision that can cost families thousands over the next five years.”

A Costly Habit Hidden in Plain Sight

Data from the 2024 CMHC Mortgage Consumer Survey shows that:

.74% of renewers stay with their current lender at renewal without switching.
.Renewals represent 62% of all mortgage transactions in the last 18 months.
.The majority of renewers do not explore alternative offers, despite potential savings.

For comparison:

.Average gas savings from price hunting: ~$150/year
.Potential mortgage savings from shopping at renewal: $1,500–$5,000 over a 5-year term (based on typical rate differentials).
“It's not about the gas money - I do it too,” Konate adds.“But if we applied that same savings mindset to our mortgage, we could free up enough for a family vacation, a kitchen renovation, or to pay down debt faster.”

Free Year-Round Mortgage Renewal Check-Ups

To help Durham Region homeowners break the“renewal autopilot”, Konate offers free Mortgage Renewal Check-Ups year-round. In less than 30 minutes, homeowners can:

.Compare multiple lender offers
.See potential interest savings
.Get a clear, no-obligation overview of their options.

Example: One Whitby family trusted Konate's advice and saved $4,200 over five years by switching to a more competitive mortgage option.

To learn more or book a free mortgage renewal check-up with Mohamed, visit eliteharvestfinancial.

About Mohamed Konate

Mohamed Konate is a licensed mortgage agent with Mortgage Alliance and the founder of Elite Harvest Financial Group, a financial services firm proudly serving Whitby and the Durham Region. Through Elite Harvest Financial Group, Mohamed helps individuals and families make smarter financial decisions by focusing on two of life's biggest investments: homeownership and financial protection.

Konate is available for interviews to discuss why mortgage renewal habits are costing Canadians thousands - and practical steps to fix it.

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