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RateSupermarket.ca > Mortgage rates > Compare mortgage rates
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Last updated: September 2, 2010 09:30:34
Why compare mortgage rates with RateSupermarket.ca?
RateSupermarket.ca allows you to easily compare mortgage rates :
- So you can find the lowest rate in your local area
- Offered by banks, credit unions, specialty lenders and different mortgage brokers
- As we are the only impartial, independent mortgage rate comparison website in Canada
- Because we provide the most comprehensive market comparison
Consumer behaviour is a funny thing sometimes. It's been said that Canadians, along with people around the world, have different buying behaviours depending on the value of the product or service they're looking to buy. This makes perfect sense. However, what doesn't make sense is spending hours comparing rates and prices on a $100 gift, and not spending the same amount of time and effort, or more, to compare mortgage rates in Canada. The Canadian Association of Accredited Mortgage Professionals (CAAMP), the national association for mortgage brokers, did a study and found that "when obtaining their mortgages, Canadians received an average of 1.94 mortgage quotes. Only 3% received more than 4 quotes"!
It's shocking that people aren't doing more to compare mortgage rates in Canada. Especially since the national average price for a standard 2-storey house is now over $400,000, and a rate that is a few tenths of a percentage point higher could result in thousands of dollars in extra payments over the life of the home loan.
We recently did a survey to see if this was the case for RateSupermarket.ca visitors. We asked "How many quotes did (will) you get during your mortgage search?". The response was quite different to the CAAMP figures, as 6.5% said 0 (they just renewed with their existing lender), 11.3% said One, 24% said Two, and 58% said 3 or more. Hopefully the tide is turing and homeowners are getting smarter as they search for the best mortgage rate for their situation and compare mortgage rates in Canada.
RateSupermarket.ca offers all Canadians the opportunity to compare mortgage rates in Canada. We have over 500 rates in our database including big banks such as RBC, Scotiabank, TD, BMO, CIBC and National Bank; specialty lenders such as ING DIRECT and PC Financial; credit unions such as DUCA, FirstOntario, Comtech and First Calgary Savings; and mortgage brokers such as Centum, Dominion Lending Centres, 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.
In addition to the comprehensive comparison engine, we enable our visitors to easily get in touch with the lender or broker they like with our 'Visit website' links, online call back application, and our toll free arrange a call back service. This allows our users to speak to mortgage experts much quicker. RateSupermarket.ca also offers a mortgage broker and lender search facility that will help you find the closest expert to you.
A mortgage can be a scary thing, it's often the largest debt you will carry in your life. With house prices on the rise and an economy still in limbo, taking the time to get the best mortgage rate if you're buying a property, getting a home loan or mortgage refinancing is more important than its ever been. We want to help make mortgages easier for Canadian's by allowing them to get the best mortgage rate in the market. Make sure you compare mortgage rates in Canada using a service such as RateSupermarket.ca and take advice from mortgage experts such as your financial planner, lender's staff or a mortgage broker.
