Unless you have a lot of time on your hands, trying to obtain Canada's best mortgage interest rate is a lot harder than you think.
It's not hard because Canadian mortgage interest rates are high, it's hard because there are so many lenders.
Traditionally Canadians have turned to their banks for a low interest mortgage approval but now Canadians have so many other options. “No branch” banks like ING and PC Financial have no overhead and usually offer lower interest mortgages than the major banks. Also some banks have large mortgage centres and offer promotions that are not available to the public.
The best way to have your finger on the pulse of Canadian mortgage interest rates is to start a relationship with a Canadian Mortgage broker. You don’t have to be looking for a mortgage right “now”, but doing so will enable you to develop a relationship with someone who will be able to help you in the future.
Your broker can help you prepare, plan and shop around for the best mortgage interest rates, without you racking up unnecessary credit inquiries to the credit report.
A lot of Canadian mortgage lenders (including banks) don’t advertise to the public or have retail locations because they exclusively loan their money out through mortgage brokers. The only way to get these deals is to have a mortgage broker.
If you haven’t contacted a mortgage broker because you didn’t want to get onto the radar and start receiving sales follow up, then follow their blog. Following their blog enables you to receive useful information and updates. For more information follow our blog at http://gtamortgagematters.blogspot.com.