subject: Where can I get lower mortgage rates in Canada? [print this page] Where can I get lower mortgage rates in Canada?
Well if you're uncle or brother is a manager at your local bank, you don't need to be reading this. For the rest of us, lowering our biggest financial burden is extremely important. The average person now spends $2.5 million in their lifetime with a huge portion of that allocated to mortgage payments. A simple change in number can save you 10s of $1000s over the course of your lifetime. It's extremely important to know what is the best way to get the best mortgage rate. So how do you get the best mortgage rates and how do you know for sure you're getting the best option on Canada Rates?
1. Don't let your bank push you around.
Lenders get paid to tell you that you'd be wise to take their option. They have networks of sales people designed to persuade you into taking their option. Make sure that you're at least getting multiple quotes. Letting the bank decide for your is a big a mistake. If you get multiple quotes and they're still your best option, proceed accordingly. Just be careful that you don't get too many quotes as generally over 7 inquires on your credit will actually hurt your score.
2. Know your situation.
The banks probably have a different assessment of "risk" than you do and will evaluate your mortgage rates in Canada differently than you would. The vast majority of us don't have perfect credit and long term steady high paying job. The bank loves these types of loans because they're as straight forward as they come. They cater to these types of loans. However, you may have errors on your credit you're not even aware of. Studies have found that 79% of credit bureaus have errors on them! That means that if you're less than perfect in the credit department, whether justified or not, the bank may not see it as clear as you. Think about it, they get paid to overcharge you. Furthermore, with a complicated employment situation or immigration issue, you'd be wise to steer clear from your bank. Your best bet is to seek other alternatives.
3. Use the system, don't let the system use you.
A long time ago this country was founded on the principle of capitalism. Capitalism works because competition helps to generate the possible solutions for the consumer. This is no different forMortgage Rates Canada. There are new revolutionary systems, like the ones at Canada Rates, which will have lenders work again to compete for your business. The system works by using on online algorithm that shops your mortgage for your without a formal inquiry. Then the system at Canada Rates, will give you offers from as many as the 5 best lenders. It's about time they started working for you instead of the other way around.
No matter which way you go, don't let the bank tell you what you're going to pay. Evaluate your options fully because the savings are well worth it.
