MonsterMortgage.ca has helped thousands of people deal with the “special offer” that banks will send out to their clients in the mail come renewal time. These rates are not indicative of the best offers in the market and banks send these out knowing that most clients won’t bother looking for options elsewhere. After all, Canada’s largest banks don’t just stumble upon billions in profit. Your renewal period is the perfect time to consult with a mortgage professional and see all the options that are available for you.
Posted Rates Can Be Negotiated
When you are shopping for a car, the price sticker that you see on it is usually not indicative of the “real” car price. Similarly, when you are shopping for a mortgage, the “posted rates” on the bank’s website are also not indicative of the “real” rates found in the market. If the bank offers you their posted rate, which is typically 2-3% higher than their real rate, you might be inclined to take it thinking that the bank has your best interest at heart. Don’t hesitate to ask for a better rate and try to negotiate it down. Just remember that the lowest rate is not always the best rate.
The Lowest Rate Isn’t Always The Best Rate
A lot of small details such as penalty clauses, collateral charges, and pre-payment privileges can often be the fine-print that may save you a little today, but cost you a lot down the line. The lowest mortgage rate sometimes isn’t the one you want to have with you for the next few years. An experienced mortgage agent will help you identify any potential pitfalls of an enticingly low mortgage rate.
You don’t need to do this alone. As always, MonsterMortgage.ca is here to assist and give independent advice. Give your mortgage agent a call or Monster at 416-480-0234.
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