How to Find the Lowest Mortgage Rates in Ontario?

Posted by Excel Agents on February 25th, 2020

Finding the best mortgage rate in an environment that is banking on the customer not doing their research is extremely difficult. Recent surveys have revealed that Canadians are more likely to accept the first mortgage rate they are offered. Unless actively made aware of competing or better prices elsewhere, Canadians will most likely take whatever price is being provided to them, which seems incredibly tragic, given that buying a home is probably one of the most important purchases they will ever make in their lives.

For a city that’s obsessed with getting the best deal and discounts on everything else, why do Ontarians fall behind when it comes to market research on low mortgage rates? While there’s no definitive answer, what is apparent is that it necessarily a lack of knowledge about better rates or an inability to access this information. Never fear, for we have put together a handy guide on how to find the lowest mortgage rates in Ontario that’ll make sure that you and your loved ones only pay the absolute minimum of mortgage rates and get the most value for money.

So, how does one go about finding the best deal? There are mostly three options before your average prospective homeowners, and each method suits work best for different people. The first, of course, is websites where you can compare collated lists of different mortgage prices being offered by banks or lenders in your area and your city. With just a few taps of the cursor, you can refine your search based on region and duration as well. Some popular sites include RateSpy, Lowest Rates & Rate Supermarket – a simple web search will reveal more.

The second method is better suited for those people who find these numbers overwhelming or are too busy to add a DIY mortgage rate determination project onto their plate. The answer is mortgage brokers, whose entire profession is dedicated to facilitating or ‘brokering’ the best mortgage agreement between you and the lenders. Mortgage brokers offer personalized services that account for your unique financial constraints and requirements and help expedite the paperwork involved in the process. Nevertheless, brokers are also only as good as their reputations and are often limited to particular regions or zip codes.

Finally, you may always negotiate with your bank directly. This is both empowering and allows you to take real control of your finances and can sometimes end up with a better deal than you envisioned. It will depend entirely on your research and relationship with your bank, as well as their lending policies.

For more information about Mortgage Brokers in Ontario visit our website https://excelagents.com