Looking Beyond the Big Banks: How Playing the Mortgage Field Could Save You Thousands Mar 3rd

Interested in learning more about property mortgages in Canada? Look no further!
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 bank mortgage

Half of Canadians Would Rather Renovate than Relocate Mar 24th

A recent RateSupermarket.ca survey revealed over half of Canadians would choose to renovate their current home, instead of moving to a new home, if they had a budget of $50,000. With the current high-interest-rate environment and introduction of stricter mortgage regulations, there has been great f.... More »

Parent of U.S. Mega-Lender Buys Control of Mortgage Fintech, Lendesk Apr 27th

No, Quicken Loans has no plans to start selling mortgages in Canada. But it does want a piece of our mortgage technology market. That’s why its parent company, Rock Holdings Inc., has acquired a majority stake in Vancouver-based Lendesk. Lendesk is a mortgage fintech company that connects borrower.... More »
 loan

The Latest in Mortgage News – An Eye on Real Estate + MORE Mar 30th

A number of reports this month have provided some insight into the latest movements in Canada’s housing market. New data shows that home sales and prices continue to fall in Toronto and Vancouver, with the exception of Toronto condo sales, which have reached a new high. RBC also came out with .... More »
 home loans

MORTGAGE 101: Understanding Different Mortgage Options + MORE Mar 27th

To new buyers, the real estate market can appear intimidating with jargon like amortization, mortgage insurance, fixed vs variable and so on. Here are some of the key terms and mortgage types you’ll encounter when shopping for your home loan. What is a Mortgage? A mortgage is a loan offered by fi.... More »
 home equity

Should You Apply For a Loan or Line of Credit? Apr 8th

Banks offer a variety of products to give you access to cash. But is every borrowing option the same? If you’re weighing the alternatives, you may struggle with the choice between a loan and line of credit. Only you can decide what’s best for you, but there are some factors to consider..... More »
Looking Beyond the Big Banks: How Playing the Mortgage Field Could Save You Thousands
When it comes to your mortgage, there’s no need to settle for the most obvious options. When the time comes to buy a house, most Canadians rely on only the ‘big six’ banks to find a competitive interest rate. An HSBC study from last year shows Canadians are among the least likely to say they’ve looked around for a better mortgage. But just as you wouldn’t buy the first house you saw, you shouldn’t stick with your family-legacy bank at mortgage time ‘just because.’  
Our research at Ratesupermarket.ca shows that alternatives to Canada’s ‘big six’ banks often offer much lower mortgage rates. These alternatives can include brokers and small lenders, many of whom are often more competitive.  
For example, looking at a five-year fixed mortgage in the Toronto market and using Ratesupermarket’s online mortgage comparison tool, Sigma Mortgage (a team of mortgage brokers) is offering a 3.29 per cent interest rate, while an alternative bank, such as Tangerine, offers 3…

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