The Best Rate Blog

Home Equity Mortgage Solutions

Improve Cash Flow And Lower Your Monthly Payments Canada faces challenging times with the COVID-19 shutdown and economic upheaval. Having a strategy in place, such as lowering your monthly payments, ensuring you have access to an emergency fund and making sure you are...

Mortgage Pre-Approval vs Pre-Qualified

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...

Results of OSFI now overseeing CMHC

One of the results of OSFI now overseeing CMHC will be that more borrowers will require an Alternative Lender as Banks tighten up. The banks will have to sweeten the terms of the “covered” bonds they sell in the market. In the past these bonds, backed by a portfolio...

First Class Opportunities for New Home Buyers

You live in a house, but is it your home? Being a renter is a position that we all find ourselves in at one stage of life, or another. Consider it a means to an end. Eventually the time comes when you are in position to invest your hard earned cash into your future....

5 Year Canadian Bond Rate Down 28%

Since January 21st the 5 Year Canadian Bond Rate is down just over 28%, falling from 1.066 on Jan 21st to close today at .760 This should continue to put downward pressure on the 5 year fixed mortgage rates which are priced off of the bond rate. Currently the best...

How a professional mortgage broker can help

You have plenty of mortgage questions, how does a professional mortgage broker help? The biggest challenge with first time home-buyers is that they have a multitude of questions and at the start a lot of those questions have to do with mortgage financing. As an...

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.

  1. 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.