Lowest Bank Mortgage RatesBank mortgage rates are lowest
It is important to know when making a comparison of bank mortgage rates that they are the mortgage rates booked by the bank.
Reposted course is just the course the bank announces to the public. Often, however, bankers have the ability to provide lower interest rates that you can negotiate or contact with a reputable mortgage agent. A number of financial institutions are offering interest rates a few percent below what is booked, so don't get tied to a higher interest level than is possible.
You may have noted that bank mortgage rates are almost always higher than those of a mortgage agent. This is because mortgage intermediaries have privileged rights to the tariffs of several commercial banking and cooperative societies, as well as insurers and fiduciary firms, so that they can basically "look around" for you. They also get rebates from creditors due to the high volumes of their businesses, which they then give to you.
Consequently, it is very unlikely that a bank will publish a lower interest that a mortgage agent; however, if you present your bank with the lowest interest rates on the markets as part of the negotiating procedure, it may be able to do so. Nevertheless, we do not advise playing the bankers and broker against each other to vie for your game.
As you will see, apart from the gap in mortgage rates booked between bankers and brokerage houses, there is also a significant gap between the interest rates of many of them. For example, a TD mortgage interest with a 5-year maturity may be 0.5% lower than the BMO mortgage interest in the same group.
These discrepancies are often a default price level approach driven by required competitive advantage, competitive advantage and strategic positioning.