Every day, I see homebuyers making the same mistake repeatedly: they fail to shop around for the lowest mortgage rates. Studies have also shown that very few Canadians bother to negotiate the posted rate with the lender. What they forget is that those rates are not just for display. They are there to ensure that banks in Canada continue to rake in millions in profits.
It’s simply disappointing. When you purchase a home in Canada, getting a good mortgage is as important as getting the right home. My point? Identify all the mortgage options instead of making a hasty purchase. Here are some Reasons to Shop for the lowest Mortgage Rates.
You will Save Money
Who wouldn’t want to save thousands of dollars? Shopping for the lowest mortgage rates helps you save a lot of money. No matter your province in Canada, it’s simple to get the most affordable mortgage options at CompareMyRates.ca. Because of collaborating with major mortgage brokers and banking institutions in Canada, the site is able to feature competitive mortgage rates.
You will rarely find banks offering their best rates beforehand. Instead, they allow customers to negotiate for rate discounts in person or over the phone. Since the quotes at CompareMyRates.ca are for any part of Canada, you can be sure that you are getting the best deals.
It’s Not All About The Rates
As you look for the rates, you will also be surprised at the many types of mortgages available if shop around. Points charge, mortgage term and mortgage length are some of the factors to consider when choosing a mortgage.
Remember that the lowest rate mortgage is not necessarily the best for you. What is the full cost of the mortgage? To compare rates and other features for mortgages in the Canada, visit CompareMyRates.ca.
New Mortgage, Refinance or Renewal
So your mortgage renewal has finally come. Should you take the offer from your mortgage lender or shop around for an alternative? It is highly probable that your current lender just made very good returns off your five-year mortgage. Clearly, you deserve better rates for your show of loyalty. This is why I recommend that you shop around to see what other lenders in the Canada have to offer.
According to a study done by the Bank of Canada in 2011, first time homebuyers and people who switch mortgages get better deals from banks than other customers. New customers give a chance for mortgage lenders to offer new products. Unfortunately, older customers have the assumption that they will get preferential treatment because of their loyalty and don’t bother to shop for mortgage rates.
Did you know that Canada is home to tens of chartered banks? There are also chartered trust companies, which offer very flexible and discounted mortgage products. In addition, many credit unions offer a wide range of products in a more local setting.
It is crucial to know all the options available, to have an easier time looking for the best mortgage deal. There is always one out there.
CompareMyRates.ca features the most comprehensive details of mortgage options in Canada for all your personal financial circumstances.