Knowing if you are getting the best mortgage rate in Ottawa is hard. The challenge is that there are so many banks, lenders and websites to compare. Plus, mortgage rates are constantly changing. To help, here are the top three tips for finding the best mortgage rates in Ottawa.
1) Use an Ottawa mortgage broker
A mortgage broker is there to help negotiate a rate on your behalf. Also, it’s typically the lender that pays the broker for this service. With that, the service is at no cost to you. Think of it as a personal shopper for your mortgage, and for free.
The top mortgage brokers in Ottawa have access to banks as well as credit unions, trust companies, monoline lenders and more. This means more lenders which in turn means more options and more savings.
The best Ottawa mortgage brokers work for you and not the bank. You get unbiased guidance on finding the best mortgage rates, options and lender for you.
2) Mortgage rate websites
These sites are a great way to get a general idea of the current best mortgage rates in Ottawa.
One problem is that some of the rates on the sites may be out of date or not applicable to your situation. It’s important to cross reference the rate with the company they are advertising. Also, to explore further into the fine print to see if the rate is applicable to you. For example, the rate advertised on the site may be for those putting less then 20% down on a purchase. However you are looking to refinance your current mortgage.
By bringing the rates you see on the rate websites to your broker, they will be able to quickly find within these rates, the best one that applies to your situation.
A challenge with the rate websites, is usually when working with them for your mortgage, there is no personalized service. With this, you may not get one person that will help you set up the mortgage and assist with after closing assistance as well.
Sometimes you get what you pay for with these sites and the trade off for a lower rate is reduced service or options.
Also as the site is advertising the cheapest rates, this can also sometimes mean reduced options on your mortgage. Just like a cheaper hotel or cheaper car may come with less options.
Be sure that the mortgage rate and most importantly the options with the mortgage both suit your needs.
3) Negotiating with your bank
Typically when you walk into your bank and talk about mortgage rates, the rates you are offered are not usually the the best mortgage rates. Some negotiation with the bank can usually result in some discounts however you may find that the rates are still not competitive with the rates you are seeing with your broker or online.
The bank branch, like a retail store comes with lots of overhead and sometimes that creates challenges in offering a lower rate. Just like some stores have trouble competing with online prices.
Usually taking the rates you find online to your bank can assist you with the negotiations.
If you are not into the idea that you have to negotiate with your bank just to get a good rate, you may find a broker or online route more suitable, upfront and faster.
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Andrew Thake is a seasoned mortgage broker with over 15 years of industry experience. He’s assisted more than 2,200 clients in finding their ideal mortgage solutions. Recognized for his excellence, Andrew has received high honours and awards, including the National Rookie of the Year from TD Canada Trust and recognition as a Top 10 Ottawa Mortgage Broker in 2023. He has also been inducted into the Hall of Fame at Dominion Lending Centres and has consistently received their Platinum Award during his tenure as a mortgage broker.
Andrew’s dedication lies in serving his clients and prioritizing their needs with an empathetic approach. Throughout the application process, he provides tailored, informed, and efficient services to ensure the best mortgage solutions for his client’s unique circumstances. The best part of Andrew’s job is when he gets to see the joy on his clients’ faces following their mortgage approval.
