A survey on Ratesupermarket.ca found that 53 per cent of Canadians have been with their current institution for over ten years; however, 27 per cent said they “didn’t know” if their bank’s products and services were satisfactory.
Consumers were likely to get a mortgage from another institution if they could save "an average of $644.00".
At the end of the day, we should all ask ourselves:
1. Does the bank provide excellent service? Indicators of this are response times, availability of the person you are working with, great advice and intelligent strategies of finding the best mortgage for you;
2. Do they offer a competitive rate? Look around. Comparing mortgages could save you major dollars (and heartache down the road). Keep in mind that low extremes may not always be the best option - a rock bottom mortgage rate for a mortgage that has terrible conditions or limitations is probably not the way to go;
3. Ask around. Ask friends and family for trusted referrals to Mortage Brokers or Associates as an alternative option to your bank's mortgage offerings. At the very minimum, a seasoned mortgage broker or associate can give you a complimentary review of other options available to you.
All of this allows you to feel more confident about your mortgage loan.
