Hunting for the best interest rate on your mortgage? Congratulations - by shopping around you’re already ahead of the home-buyer pack, and likely to score a great deal.
It’s proven that exploring your mortgage options equal better savings in the long run - and those who are unquestionably loyal to their financial institutions (called positive bank bias), end up paying more than those who look for a better rate. A Bank of Canada study found that those who don’t compare their mortgage rate pay a premium of between $759 and $1,617 on their home financing. It’s a fact we know resonates with our own customers; in a recent poll we conducted on mortgage rate motivation, 50.8% identified the lowest rate as the best mortgage feature available.