Mortgage Brokers in Canada

Best Mortgage Brokers in Canada

Since banks and other lenders provide various mortgage offers, it may be difficult for you to select the best one considering the numerous factors needed to be analyzed before making a solid decision.

To find the best mortgage rates in Canada, check ratesheet.ca, Canada's most accurate, up-to-date source of mortgage rates and resources.

Why use a Mortgage broker?

The reasons vary but mortgage brokers are trained professionals helping you in a very confusing process, especially if you are a first time buyer. Mortgage brokers give you more choices which translates into better rates. For most, negotiating mortgages can be uncomfortable and intimidating; mortgage brokers negotiate for the homebuyer with banks and financial institutions on a regular basis and have knowledge in getting the best rate available.

Mortgage Broker vs. Bank

Buying a new property in Canada? Refinancing your old one? You will probably need a mortgage. Your first decision is whether to go to a bank or a mortgage broker. While both are capable of arranging the mortgage, they have important differences. A mortgage broker is someone who searches for the best deal for the borrower and connects them to the lender. A mortgage broker has access to more lenders than a banker and will provide support throughout the home-buying process. A bank, on the other hand, lends its own money and benefits mortgage service charges paid by the customer. This may be the cheaper route, but expect less of a service than you might get from a mortgage broker in Canada.

Canada Mortgage Rates

Mortgage rates in Canada continue to remain extremely low, however, recent measures by the Government of Canada to control consumer debt cut the maximum amortization on a Canadian mortgage from 30 to 25 years, making it vital for home buyers to shop around for the best mortgage rates in Canada. A small reduction in your mortgage rate can translate into thousands of dollars in savings over the life of your home loan, so it's important to shop around.

Sources: Department of Finance Canada