It's not just smoke and mirrors. An established top brokerage in Canada like True North Mortgage can offer real rate and mortgage savings over the big banks.
Canadian mortgage interest costs have at least doubled from a year ago. And rates are expected to go higher still with the Bank of Canada's push to derail inflation. So does it make sense to get a mortgage through your bank when you know you're getting a higher rate?
Going to your bank may seem like the easiest thing, especially if you have other products with them, like a chequing account.
But here's how that can end up costing you more.
A bank rep who deals with several products — including mortgages — offers you their 'best' rate and a one-size-fits-all mortgage product. Their rates (and product) are based on the costs to run their entire infrastructure, so they 'bank' on your loyalty and won't compete on the level you need to get a lower rate. They're not doing it on purpose; they offer the (typically higher) rates that work for their institutional financial business model.
But with rates going up, finding extra savings with a lower rate (and potentially lower payments) suddenly takes on a new light of importance as you try to make budget 'magic' to fit in other costs — like higher grocery prices.
Did you know? An expert True North broker can often get you a lower mortgage rate than your bank — 0.15% lower on average, for savings that can really add up over your term and mortgage.
How do they do it? They're unified and salaried and do huge volume. It earns them a discount they pass on to you. Their brokers are non-commissioned and check with several lenders for your best rate. They give honest, unbiased advice — and don't play lender-favourites.
Unlike a bank, their brokers also really know mortgages because it's all they do. They have the most 5-star reviews in the business. Compare that to the rather dismal ratings people give the banks (just google them).
It seems that at True North, you'll get a personalized level of service that banks only dream of providing. Tired of listening to 'on-hold' music when trying to contact your bank? Call or visit True North, and you're quickly talking with a highly trained broker. They're also just as quick if you use their easy online application.
True North brokers also have exclusive access to their in-house, CMHC-approved lender, THINK Financial. Dan Eisner, chief executive officer of True North Mortgage, states that "over half of our clients go with THINK simply because the rates are better and the approvals are faster." Not to mention its superior mortgage product offers flexibility for less fees and more options, like payment frequency changes.
True North Mortgage has been helping out Canadian homeowners for over 15 years.
Think your details are complicated? They've got your approval process down to a fine art — handling your details easily online, over the phone or at one of their 11 (soon to be 12) stores across Canada. They also have experienced mobile brokers who can come to you.
So, there you have it. A better way to get a mortgage than a bank. What will you do if you're thinking of wading back into the housing market or have a renewal coming up? It'll cost you nothing to check with their friendly experts. And it may just save you thousands.
Real people who care, True North's brokers can access lenders on your behalf and offer cost-saving advice, for free and with no obligation.
They're standing by to help. Canada's No. 1 Mortgage Broker.