Robert McLister: Always demand better than a mortgage salesperson’s first offer
Falling money market rates and yields have blessed lenders with fatter profit margins than they’ve seen in months. That means it’s prime time to haggle. Always demand better than a mortgage salesperson’s first offer.
On a five-year variable, for example, the lowest advertised big bank “specials” are 6.15 per cent (default insured) and 6.44 per cent (uninsured). By leveraging the rates below, you can often get them to 5.90 and 6.15 per cent, respectively.
Or better yet, call up a seasoned high-volume mortgage broker, who compares numerous lenders. Tell them you’ve been shopping around and ask what “discretionary bank rates” or “status broker” rates they have access to. If you get a saucy answer, find a new broker.
And remember local credit unions. In a few provinces, credit unions are leading the way. Some of the best are listed below, including B.C.’s Community Savings, with its 4.69 per cent insured three-year fixed.
Mortgage rates
The rates displayed below are updated by the end of each day and are sourced from the Canadian Mortgage Rate Survey produced by MortgageLogic.news. Postmedia and Imaginative.Online Inc., parent of MortgageLogic.news, are compensated by certain mortgage providers when you click on their links in the charts.