Who gives and who gets the best mortgage rates in Ottawa? There was an interesting article in The Star about who gives and who gets the best mortgage rates either from their bank as loyal long-term customers or first time buyers and people who switch banks. Despite what many would think, the answer is first time buyers and people who switch banks.
There are a few reasons for this such as loyal clients are less likely to shop around and new customers give the bank a chance to grow their banking relationship and the bank may give extra incentives to win them over.
Without a competitive offer a bank will usually offer a client average rates and only try to beat that if they are brought a competitive offer. A Bank of Canada study found that loyal bank customers do not get as low of rates as people who switch banks and first time buyers.
As this is the biggest and one of the most important purchases of your life every percentage point counts in saving you money.
The best way to assure you are getting the best mortgage rates in Ottawa is to contact an Ottawa mortgage broker. The article goes on to say exactly that, "The study also found that mortgage brokers find the best rates".
I am able to look at dozens of bank's and lender's best rates and share that with you up front. This saves you the time of visiting bank after bank to see if one can go lower than the next.
Contact me today to learn more about who gives and who gets the best mortgage rates in Ottawa.
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.
