Many people assume their own bank will give them their best mortgage rate. one Ottawa couple found that was not the case, and told us so in a 5-star Google review.
CLIENT STORY AT A GLANCE
| Client | Ottawa homebuyers |
| Situation | Buying a home when rates were high, comparing offers against their own bank |
| What we did | Shopped the market, found a better rate and product, and moved quickly on the file |
| In their words | “beat the lowest rate even our own bank could offer us” |
What the buyers said
On buying a home when rates were high:
“We were trying to buy our dream home at a time where rates were high and he managed to beat the lowest rate even our own bank could offer us. So we switched banks, and chose mortgage product Sean found for us.”
— Ottawa homebuyer, 5-star Google review
“He works FAST, he's communicative and responsive. He won't let your file sit there.”
— Ottawa homebuyer, 5-star Google review
What to check before accepting your bank's offer
- You are not tied to your bank on a purchase. When you buy a home, you can choose any lender. There is no penalty for picking a different one than the bank you chequed with.
- Compare more than the headline rate. Prepayment privileges, penalty type and portability can matter as much as a small rate difference. See mortgage rate questions answered.
- Get more than one quote. A single offer tells you nothing about the market. Our Ottawa mortgage rates guide explains how fixed and variable compare right now.
- Ask how it is priced. See whether using an agent costs more.
- Move fast when it matters. Rate holds protect you while you shop. See how rate holds work.
Buying your first home? Start with the first-time buyer guide for Ottawa.
Common Questions
Do I have to use my own bank for my mortgage?
No. When you buy a home, you can choose any lender. Comparing offers, including from lenders you do not already bank with, is how you find out whether your bank's offer is competitive.
Is the lowest rate always the best mortgage?
Not always. Prepayment privileges, how penalties are calculated, portability and other terms can change the real cost. Compare the whole product, not just the number.
Does using a mortgage agent cost more than going to my bank?
Generally the lender pays the agent, so borrowers typically do not pay a fee for standard mortgages. Ask your agent to confirm how they are paid on your file.
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About this story: This story is based on a verified 5-star Google review from a TopRankin client. Names and identifying details are left out to protect client privacy. Every mortgage is different, so your rate, approval and timeline will depend on your own file.