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That posted rate you see is not the best rate!

The posted rate you see at your bank is more like a starting point for negotiating. Usually banks will offer you the posted rate, hoping you accept. If you bank does offer you a discounted rate right away, don’t accept. This is a discounted rate from 1 lender whereas a Mortgage Alliance Professional works with many lenders so they can offer you more options.

Do your research!

It is important to know what is available in the market in terms of rates being offered. Alongside with that it is also important to understand your financial health as that also impacts the rate you can get.
Knowing this information before going into a renewal will save you time and make for a better experience.

The age-old question: Broker or Bank?

Brokers can offer a better rate than the bank because they have access to multiple lenders offering multiple products. A bank can only offer you rates and products from one supplier.
A recent Bank Of Canada survey confirmed that using a broker does result in a better rate because they can offer quotes from multiple lenders.

Loyalty to your bank will not affect your rate!

You have been with the same bank for years, you do everything with them so it only makes sense they give you the best rate possible when it comes to your mortgage renewal, right? WRONG!

A Bank Of Canada study found that a new customer will get a better rate than a long-time loyal customer.

It is not all about rate – check the terms before you sign!

The lowest rate may not be the best rate for you. Getting a low rate up front may result in extremely high charges if you need to break your mortgage early or if you try to pay extra.
That is why Mortgage Alliance Professionals take the time to understand your current situation and need as well as what you have planned for the future. Depending on what life-stage you are in your mortgage may need to be flexible.