Did you know that when working with a good mortgage broker, you will always be offered the best rate upfront? Manulife Financial Advisor, Greg MacPherson, says that banks "only reveal the lowest mortgage rate they will give you when you absolutely force them to by coming up with a better competing rate from across the street."
This is the similar to negotiating the price of a souvenir in a third world country marketplace. They always want as much as they can get. You shouldn't have to go through that!
The difference is that banks usually offer retail mortgage rates while brokers always offer wholesale mortgage rates.
Our lenders are offering some extremely low rates right now that are generating a lot of attention. If you are thinking of buying your first home, refinancing your existing home for a lower rate, or buying another property now may be the time to do so.
Did you know that even 1/4% difference in rate on a $300,000 mortgage over 5 years will cost you over $3500 in extra interest? It definitely pays to check with a broker to ensure you are offered the best rate.
If you need help in finding a good broker to help you with your next home purchase visit my website www.McMurraysBestHomes.com and I will give a few names.