Today, more than ever, banks are making the mortgage business more complicated. First you have a multitude of mortgage products and terms. And now you have relationship pricing!
What is relationship pricing? Its when a bank gives a lower mortgage rate to a customer with larger deposit and investment balances (like their RRSPs). So how can you use this to your advantage? Easy, transfer some additional bank business to your lender. Better yet, apply for your mortgage at the bank which holds the majority of your personal business.
Check other competitive lenders like PC Financial and ING Direct to make sure you are getting a fair rate. Read more about PC Financial here...
Don't be surprised by rising mortgage rates with this service!
If your mortgage renewal date is fast approaching then consider subscribing to RateMail from CanadianMortgageCalculators.net. Ratemail is a free email service which will update you when Canadian mortgage rates change. The simple advice is to start watching the mortgage rates a year in advance of your renewal date. If the RateMail appears to reflect rising mortgage rates, consider locking in early. If rates appear to be falling, wait.
Typically, you can start negotiating within 90 days of mortgage renewal. So, if rates are rising, lock in and don't wait!
Check out the best deals in basic banking services. Do all the banks offer the same deals? No way. A review in December clearly found a winner. Full story...
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