When we go out shopping we often try to get the best deal, whether it's by clipping coupons or checking the weekly flyer. The same goes for mortgages, only in this case we're shopping for the best interest rate. It's always a good idea to get at least two to three different rates from different banks. Knowing who can offer the lowest rate is an excellent bargaining chip when negotiating for the best rate.
To find the most competitive mortgage rates in Canada go to Ratehub: http://www.ratehub.ca/
This is an excellent site that has the most up to date Canadian mortgage rates. It also has some cool calculators that help you find out how much house you can afford and what the payments would be like.
Don't forget that the bank is in business to lend money. You can always take your business elsewhere. Shopping around and paying the best rate will help you become mortgage free years ahead!
Here's a video with some tips on how to negotiate the best mortgage rate:
Indeed! It's like shopping, only at a much bigger scale. A bit of patience and knowledge are required to nail down that perfect deal you're searching for.
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