Tips On Getting The Best Mortgage Rates

Shop Around!

Most banks will make you feel like they are doing you a huge favor by “granting” you a mortgage when in actuality it is they who should be made to feel grateful. Without your mortgage interest, the banks would not be reaping the astronomical profits they do, year in, year out. You are the customer and the customer is to be both respected and catered to. If you aren’t getting what you want from a particular lender, let them know that you are shopping around and feel that you can get a better deal elsewhere. This is not to say be impolite, but you certainly don’t have to be intimidated, lay down and take whatever they decide they should present as their first offer.

Your mortgage is by far likely the most important debt you will incur over the course of your lifetime. Obviously it makes perfect sense to get the broadest view of what’s available as you can. Consistently getting the best mortgage rates will save you thousands and thousands of dollars over your lifetime. Hey, you wouldn’t buy a big screen television without hitting a few stores and comparison shopping would you? Why would you approach a mortgage which represents a significantly greater investment any differently?

Who Should I Get My Mortgage From Anyway?

These days your choices in obtaining a mortgage in Canada are more varied than ever before. These include the following:

Lenders

• Banks
• Mortgage Companies
• Insurance Companies
• Trust and Loan Companies
• Credit Unions
• Caisses Populaires

Each have different terms and advantages and in keeping with the previous point of “shop around” you really should investigate as many of these as you can.

Mortgage Brokers

Instead of approaching lenders personally and shopping around to get the best rate, many people employ Mortgage Brokers to do the dirty work for them. As brokers have access to a wide variety of lenders and have knowledge of many differing product and service offerings, they are often in an excellent position to suggest the best option for you. One caveat though – brokers do not all share the same lenders. That means you will also have to shop around when it comes to brokers as well! One further item to be aware of is that you must be certain your mortgage broker is only applying to lenders that are regulated by the federal government; if they are not, then you won’t be covered by the security afforded you in the consumer protection measures regulated by them. To obtain a list of mortgage brokers, you can call 1-888-442-4625.

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