Posted On Dec 17, 2024

One of the most common questions I hear is, "Which bank has the lowest mortgage rate?" While it’s natural to focus on rates, the truth is that finding the best mortgage is about more than just numbers on paper. Here’s why working with a mortgage agent is your best option when it comes to securing the lowest rate and the right mortgage for your goals.

Why Mortgage Rates Aren’t Everything

While low rates are appealing, your mortgage should align with your financial goals. A low-rate mortgage may come with restrictions that limit your flexibility—like penalties for early repayment or restrictions on prepayment options. Choosing the wrong mortgage can end up costing you more in the long run.

That’s why it’s important to look at the big picture:

  • Prepayment Privileges: Can you make extra payments to pay down your mortgage faster?

  • Portability: Can you transfer your mortgage if you move homes?

  • Penalties: What happens if you break the mortgage early?

  • Flexibility: Does the mortgage allow you to adjust payments or access home equity?

Why Work with a Mortgage Agent?

As a mortgage agent, I work for you, not the lender. Unlike banks, I have access to multiple lenders, including:

  • Monoline Lenders: These lenders specialize in mortgages and often offer the lowest rates.

  • Big Banks: Names like TD, Scotiabank, and RBC occasionally offer competitive rates, especially during special promotions.

  • Credit Unions and Alternative Lenders: Flexible options for unique situations.

By shopping your mortgage around, I can compare options and negotiate the best rate tailored to your goals—not just the rate advertised in a branch.

Where Are the Lowest Rates Found?

While it depends on the market and timing, monoline lenders typically offer the lowest rates in Canada. These lenders don’t have physical branches, which means they can pass their cost savings onto you. However, from time to time, major banks like TD and Scotiabank run competitive promotions that match or beat monoline lender rates.

The key is flexibility—and this is where a mortgage agent adds value. I can:

  1. Compare rates from dozens of lenders in real-time.

  2. Find a mortgage product that aligns with your financial goals.

  3. Negotiate with lenders to secure the most competitive deal for you.

Let’s Find the Best Mortgage for You

While the lowest rate matters, the right mortgage can save you more in the long run. By working with a mortgage agent, you get access to multiple lenders, competitive rates, and a strategy tailored to your needs.

Ready to explore your options? Let’s find the mortgage that works for you today—whether it’s with a monoline lender, TD, Scotiabank, or another lender offering the best value.

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