Mortgage Rates Canada – What’s Out There that the Banks are not Telling You
For those consumers who are out there shopping for a mortgage loan, they may think that they are limited to going through an official Canadian bank. However, there are only five major banks in Canada, but over 70 lenders, giving people much more of an option than they may have initially realized. This is a secret that the banks prefer to keep. The truth is that these lenders offer mortgages at far more competitive rates than the major banks, including Scotia, RBC, TD, CIBC, or BMO. Unfortunately, these rates are not available to consumers, but certified mortgage brokers have access to them.
Canadian brokers are able to access and research Mortgage Canada rates through a number of sources, allowing them to shop for competitive rates, products, and services with only one touch of a button. For a client who is looking for the best Mortgage Canada rates to do this research alone, it could take up to a year to visit all 70 lenders and figure out what the best services are. A mortgage broker can do this in a matter of hours with their online access to this information, saving a great deal of time, effort, and money.
At a bank, there are maybe 5 or 6 different products and rates, such as variable rate mortgages, open mortgages, closed mortgages, fixed rates, new to Canada programs, No income mortgages and much more. Each of the 70 lenders has 10-15 products to keep them competitive towards the major banks, but not all rates and products will fit every client. So, how can you find the right mortgage product and rate for yourself without going through 700-1000 different mortgage products provided by over 70 lenders? That’s what mortgage brokers do as their profession, they skim through such complexity for their clients. Thus, it would make it really difficult for a client to distinguish the difference between all 70 lender’s mortgage products and rates to figure the right mortgage. As a mortgage broker, we do this on a daily basis, with the right software. Therefore, our clients will get the best mortgage products and rates out there, to fit their financial life style.
If you go to a bank in Canada, they will most likely tell you that private mortgage lenders only work with consumers who have bad credit because the banks won’t touch them, and then correspondingly charge them extremely high fees. This is incorrect, as private mortgage lending services actually work with all types of clients, and in fact usually don’t even charge them for services. The banks are charged instead, while the brokers get to service the clients rather than the banks. This may be why the larger banks perpetuate the myths.
Providing all of these services to customers with bad or good credit alike means that Canadian mortgage services are able to not only help their clients save a great deal of money, but they are also able to receive future referrals for their services. This makes it a win-win situation, both for the broker and the client. There is a whole world of lending opportunities outside of the costly Mortgage Canada rates available through the official Canadian banking system. One only has to meet with a private mortgage broker to discover what options are available for them. To learn more about these exciting low rates and further options, please contact a Syndicate Mortgages Professional Today! Let us show you how to save money!