The last time you were in the market for a mortgage, did you do your research to ensure you were landing the best rate? If not, you’re not alone—according to this article, 24% of Canadians failed to comparison shop when making their most recent mortgage purchase.
Unfortunately, this lack of legwork can end up costing consumers a lot. Even a quarter of a basis point can make a huge difference in how quickly you pay off your mortgage—and how much interest you pay over the life of it. Worst of all, this extra research doesn’t even have to cost you extra time if you get a mortgage broker to do it.
Mortgage brokers have access to a wide range of lenders. So, not only do we have a wide pool of rates to scour for you, but often our relationships with certain lenders can help you land lower rates than those you’d find elsewhere. We can also help you find mortgage products that meet your present and future needs—which can save you significant fees down the road. The best part is we’re paid by our lender partners—not the consumer. So the cost of this extra research doesn’t come out of your pocket.
If you have a mortgage coming up for renewal in the not-too-distant future, or if you or someone in your life is thinking about buying their first home, don’t accept your first mortgage offer! Call me first!