How to Compare Mortgage Rates
Find the best mortgage rate today!
Did you know, homebuyers who shop around for a mortgage rate are more likely to secure a competitive financing option than those who don’t? Studies have shown that consumers who compare mortgage rates and ask questions during the pre-approval process are more likely to be rewarded with savings.
How Can I Find a Great Mortgage Rate?
According to the Bank of Canada Discounting in Mortgage Markets study, homebuyers can improve their chances of securing a low mortgage rate:
- By working with a qualified mortgage broker.
- Asking lenders about preferential rates based on loyalty, age and finances.
- Purchasing a home in a neighboring community (those who live outside cities often get better deals).
Be Weary of Bank Postings
When it comes to finding the best mortgage rate, don’t immediately assume that the bank’s rate is the best option. According to the Discounting in Mortgage Markets study, posted bank rates are almost always the same. It’s the negotiating that takes place behind the scenes that often enables mortgage brokers to provide their clients with lower rates.
Comparing rates online and researching the market gives you the power you need to make an educated decision. Contact a mortgage broker today to begin your rate comparison and improve your chances of finding an affordable mortgage product.