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Compare mortgage rates - why you should compare mortgage rates to save money

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When shopping for a new couch, do you sit on just one sofa or go to just one store? When booking a flight, do you look at the price for just one airline? Chances are that you probably compare couches and flights until you find the right one to suit your needs for the best price available. That makes sense.

It's been said that Canadians, along with people around the world, will employ different buying behaviours dependent on the value of the product or service they're looking to buy – the higher the value, that more time and effort that goes into the purchase.

The Canadian Association of Accredited Mortgage Professionals (CAAMP) recently disputed this fact when they announced survey results which found that "when obtaining their mortgages, Canadians received an average of 1.94 mortgage quotes. Only 3% received more than 4 quotes". So why are people spending more time buying a couch or booking a flight than financing their mortgage? Why are people not making sure they get the best mortgage rates in Canada?

It's amazing that people aren't doing more to compare mortgage rates in Canada. Especially since the average national price for a standard 2-storey house is now over $400,000. A rate that is even a few tenths of a percentage point higher could result in thousands of dollars in extra payments over the life of the home loan.

RateSupermarket.ca is an online company that allows visitors to compare mortgage rates in Canada for free. Our aim is to provide a simple, online service to help people looking to compare mortgage rates in Canada. If you are a new home buyer or looking to refinance your mortgage, this serve will save you time and money.

RateSupermarket.ca visitors seem to employ a different buying behaviour then the CAAMP respondents, if the results from last month’s online poll are anything to go by. We asked visitors: "How many quotes did (will) you get during your mortgage search?". Only 6.5% said 0 as they just renewed with their own lender, 11.3% said one, 24% said two, and 58% said three or more. The responses indicate that our visitors are aware of how important it is to compare mortgage rates. These visitors are taking the time to make sure they're getting the best mortgage for their situation by comparing mortgage rates in Canada.

RateSupermarket.ca compares over 500 rates in our database including the top names in the market such as: the big banks - RBC, Scotiabank, TD, BMO, CIBC, and National Bank; specialty lenders like ING DIRECT, PC Financial and Canadian Tire Bank; credit unions such as DUCA, FirstOntario and Comtech; and mortgage brokers such as Dominion Lending Centres, Verico and True North Mortgage. No other resource in Canada compares the entire market in this way and makes it so easy to compare mortgage rates in Canada.

As well as offering a comprehensive comparison to our visitors, we also allow them to easily get in touch with a lender or broker that is offering a rate they might be interested in. We do this in 3 ways: 1) visitors can click the "Go to website" link which will take them the lender/broker’s website; 2) they can use the tool free 1-888 number to speak to the lender/broker direct, or; 3) they can complete an online mortgage application which will be emailed to the lender/broker and the visitor will be contacted within 24 hours.

A mortgage broker is a useful contact to have when looking for a mortgage rate. As experts in the mortgage market, they can help you to secure the best deal. Brokers are able to compare mortgage rates in Canada for you as many have access to up to 80 of Canada's top lenders and can find the best mortgage product to suit your situation. This is a free service to customers as brokers are compensated by the lenders, so they have your best interests at heart.

Looking for a broker or lender in your area? RateSupermarket.ca also offers a search facility that will help you find the closest mortgage expert to you. You simply need to enter your post code and list of brokers and lenders in your area will appear.

With all the chaos in the markets at the moment, and with the average Canadian house price near the highest it's ever been, buying a property, getting a home loan or mortgage refinancing is more important and more complicated than ever before. Before you make one of the biggest money decisions in your life, be sure to compare mortgage rates in Canada by using a service such as RateSupermarket.ca and take the advice of a mortgage expert, be it a financial planner, lender's staff member or a mortgage broker.