Mortgage Articles

Getting the Best Mortgage Rate in Canada

Getting the best rates in Canada doesn't require a membership to any exclusive clubs or associations. You don't need to know the secret handshakes, nor do you need to have all your bank accounts, RRSPs and investments tied to a bank to get access to their best products. There's an easier way, and that's going with a broker.

Here are some tips for getting the best mortgage rate in Canada:

• Contact only a qualified professional when shopping for your mortgage.
• You don't need to shop with multiple brokers; one broker can do everything for you. This will speed up the process and make sure that you do actually get the best mortgage rates in Canada.
• Timing is everything, so when you are ready to apply for your mortgage, make sure you gather all the information that the mortgage broker has requested. Faster documents means quicker rate guarantees and lower rates
• Know what the best rate actually is. Many people think there is a better rate out there when actually, there isn't. This wastes more time and can possibly jeopardize your chances of getting the best mortgage rate in Canada
• Make sure you know your credit rating. Most people have no idea how their credit looks and this prevents them from really knowing if they can obtain the best mortgage rate. Be informed about your own situation
• Typically, the best mortgage rate in Canada is not available from a big bank or trust company. You must understand that the best rate in Canada may come from another reputable type of lender or trust company that you may not be familiar with

When it comes down to applying for and getting the best mortgage rate in Canada, there is really only one important rule to go by: Always use a mortgage broker to obtain your mortgage. Mortgage brokers act in your best interests and they do not work for any one bank or trust company. If you talk to your banker, they will convince you that their product or rate is the best in the market for you. It is NOT. Bankers can only present you with their mortgage rates and products. They have no idea what else is out there for you and they will NEVER tell you that there is something better when there most certainly is. Bankers should be contacted for changes in your chequing account or personal loans only but NEVER to obtain the best rate. It just isn't possible.

Alberta Equity has helped over 50,000 people find and qualify for the best mortgages in Canada for over ten years. We do all of the heavy lifting and ensure that you get the best mortgage rates and product features available. Apply online for a free, no obligation consultation or alternatively, view our products and services.