Get the Best Mortgage and Save Thousands on Your Mississauga Home Purchase
Gone are the days when you would walk into your local bank, talk to the loan officer and walk out with a mortgage. In fact, this is the last thing that you want to do. You can potentially save thousands of dollars on your mortgage by shopping around to find the best rate possible. Never settle for the first quote that you hear from anyone - even a mortgage broker that's been working on finding you the best mortgage from different lenders.
That's right, even a mortgage broker is open to a certain amount of negotiation in most cases. By doing some due diligence and making sure that you are knowledgeable about mortgages and the way they work, you can ask for a lower rate and sometimes receive it. A mortgage broker may have a better rate to offer if you simply take the time to ask for it.
If you're not using a mortgage broker, and you should be, you should still be looking at a variety of different lenders for your upcoming mortgage. It's easy to do this since the Internet can be your best friend when you're shopping around.
According to Google, more and more people are searching the Internet for a mortgage. When one of the major Canadian banks announced a rate cut recently, there was a 50% rise in the amount of people searching for a mortgage on the net.
There's a lot of availability for negotiation in the mortgage sector and you could possibly be leaving thousands of dollars on the table by simply not trying to negotiate a better rate.
This advice also applies to mortgage renewals. You should definitely take the time to shop around for the best rate when it's time to look at renewing your mortgage. Every mortgage has an open door for negotiations and all Canadians should be taking advantage of it.
While it's definitely a good idea to talk to a lender at the bank you usually deal with, it's never a good idea to take the mortgage offer without first shopping around. Better yet, use a mortgage broker that can shop around for you and then don't be afraid to negotiate with him for a better rate!