Canadians love to shop for deals, but they seem to fall short when it comes to finding the best mortgage rate. We actually have hard data on this thanks to an international HSBC survey; that survey found that Canadians came in tenth, having the fewest people out of all the countries surveyed to have shopped for the best mortgage rate. That’s tragic given how much you’d save if you found the best Grande Prairie mortgage rate. Here are a few tips for getting the best Grande Prairie mortgage rate.
Shop Around on Third Party Websites 
Instead of asking your bank what mortgage terms they’d offer you, shop around by going to websites that let you compare rates. These online interest rate comparison tools allow you to see what interest rate and mortgage terms various lenders would offer. They also let you see how a slightly different down payment or shorter loan term could affect the loan terms. One lender may have a lower interest rate if you pay more in closing costs, while others would be more forgiving if you have less than perfect credit.
You may only be able to see those loan terms if you work with the mortgage broker that maintains the interest rate comparison website.
Work with a Mortgage Broker
One way to get the best mortgage rate is to work with a Grande Prairie mortgage broker. Mortgage brokers are able to provide low interest rates for a variety of reasons. One is the fact that they generate so much business for mortgage lenders that they can get volume discounts then passed on to their customers. Another reason mortgage brokers may be able to give you a lower interest rate is that they can work with unconventional mortgage lenders, something you’ll appreciate if trying to buy a combination residential and commercial property or rural property standard residential mortgage lenders won’t deal with or only consider if you put a 50% down.
Negotiate with Your Preferred Mortgage Lenders
Too many people think the terms offered to them up front are non-negotiable. In reality, this is the most negotiable deal you have with a bank or credit union. Discuss the loan terms with them. Perhaps you could get a lower interest rate if you have the mortgage payment deducted from your savings account. Or you could get a lower interest rate once you show them the more favorable terms offered by a different lender, something you could find through a mortgage rate comparison site. Don’t do this with very many mortgage lenders, since repeated inquiries could end up hurting your credit score.
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