The First-Time Home Buyer Incentive has been extended to March 2025. This program has been a bust. Buyers do not want to share the equity in their homes with CMHC. The Feds are taking another kick at the can, "exploring options to make the program more flexible...
The Best Rate Blog
The best way to avoid stress in buying a home is to be Pre-Approved before you start the house shopping process. Don’t just settle for being Pre-Qualified for this could still leave you open for last minute surprises. Every month we have 2 or 3 files where the clients...
Compare what a Mortgage Broker can offer to what your Bank offers
It is wise when in the market for a mortgage to compare what is being offered by your Bank with what is available through a Mortgage Broker. The Government of Canada, on their web site https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html states that it is best to check with a Mortgage Broker with regards to what they can offer.
The four areas you should compare are:
1) Rate: Once you have the rate your Bank will offer you, contact us to see if we can offer a better rate from one of our over 40 lenders.
- Payout Penalties: No one plans to break their mortgage before the term is up but life happens so confirm with your Bank how they calculate the IRD penalty, then call us. The difference could cost you thousands of dollars.
3) Service: Compare the service you receive from your Bank vs a Mortgage Broker. The bank employee works for the Bank and its shareholders, a Mortgage Broker works for you.
4) Expertise: Buying a home and getting a Mortgage is the biggest investment you will make. You want to have someone with many years of experience working for you. At the Best Rate Mortgage Team we have over 20 years of experience.
You shop around and compare when you are buying anything online which saves you money and ensures you are making the right buying decision, so it makes sense to do the same when you are in the market for a mortgage.
Contact us anytime with any mortgage questions you may have
our content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.