The Bank of Canada recently released a paper on the "Competition in the Canadian Mortgage Market", which presented some very interesting findings.
- On average, higher income households pay a higher rate on their mortgage than lower income families.
- Banks with large branch networks charge higher rates on their mortgages.
- Borrowers who put less down on their mortgage pay a rate premium over those who put more down.
- Banks offer larger discounts to new clients than existing clients.
This report also found that just over 30% of people who applied for a mortgage did so through a mortgage broker. There are a lot of people out there who didn't benefit from the services that I provide my clients.
As a mortgage broker, I make sure that you are receiving the lowest possible rate on your mortgage! Even if you feel more comfortable going to one of the larger banks, I can get you a discounted rate that they won't offer you as a client of that bank.
Tell your friends about the benefits of using a mortgage broker! They may be one of the people that haven't received the best rate available to them. Wouldn't you want to help your friends thousands of dollars on their mortgage?
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.