Best Bank Mortgage Rates in Canada
Borche Stefanov
October 29, 2018

Bank mortgage rates are very important to consider when you are looking for a bank that suits your needs. It is an absolute must to search and compare mortgage rates that will appeal to you. Comparemyrate.ca aims to help you find the right mortgage rate for every category in the market. We are not brokers or lenders—we’re just here to guide you in finding the best bank mortgage rates.

Finding the Rate that Works Best for You

Follow these guidelines to find the best bank mortgage rate for you.

Posted Rate or Best Rate?

When you are looking at bank mortgage rates, bear in mind that the posted rate is different from the best rate that you can possibly get. The posted rate is basically what the bank advertises. It is what you normally see in public ads. However, it is possible for banks to offer lower bank mortgage rates if you know how to negotiate with them. You can negotiate on your own or find a representative broker who will help you strike a deal with the bank. It is highly recommended that you reach out to your broker first, so you can get a better bank offer.

Broker Rate or Bank Rate?

Most of the time, bank rates are significantly higher than broker rates. This is mainly because brokers have inside information on insurance and trust companies, as well as banks and credit unions. Because of this, they can look around for the best rates for you. They can even ask for discounts from lenders because of the sheer volume of their business. It is very unusual for a bank to have a lower rate than your broker, but if you mention the low rates to your bank, they might try to match it. However, it is not recommended to put them against each other in competing for your favor.

You may notice that aside from the difference between the posted rates of brokers and banks, there is also some discrepancy between the rates of different banks. This difference is most often caused by standard strategies for the pricing, as influenced by competition, market share, and existing policies.

We know you want to get the most out of your money. We at CompareMyRates.ca will make sure that you get to choose what bank mortgage rates suit you properly. Our mission is to find your perfect fit, the best bank mortgage rates that suit your needs.

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