Mortgage shopping has never been easier — so what’s stopping you?
Canadians may finally be grasping the obvious when it comes to how to get the best mortgage rate. Shop around.
A mortgage is the most significant debt most Canadians will take on in their lifetime, so saving money on the interest should be a priority. With the rise in popularity of Mortgage Brokers, it has never been easier to accomplish this goal.
With recent reports of historically low mortgage rates circulating, Google reported a 50% increase in users searching the term "mortgage". The ability to find a mortgage professional for assistance is translating into marked savings for the average consumer. The Canadian Association of Accredited Mortgage Professionals (CAAMP) reported that the average customer was saving 1.85 percentage points on a mortgage in 2012, translating into thousands of dollars of interest saved. In the same release, CAAMP reported that 47% of clients who took out a mortgage in 2012 used the services of a Mortgage Broker. However, the same survey showed that when it came to renewing a mortgage, only 27% of home owners opted to use a broker. There seems to be a belief that as a mortgage decreases over time, saving on the interest rate becomes less important, but a lower rate can still save thousands over time. Another factor many don't take into account is the terms and conditions of the mortgage they are signing for. By utilizing the services of a Mortgage Broker, home owners can be sure they are finding not only the best rate, but the mortgage with the right terms to fit their lifestyle.