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  • Welcome to Homebuyer's School brought

  • to you by Brookfield Residential.

  • So before we begin, if this is your first

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  • Hi everyone, welcome to another edition of Homebuyer's School, today I'm joined

  • by Mutjaba Syed, manager mobile mortgage specialist with

  • TD Canada Trust, and today the question we're gonna answer is,

  • What are the differences in mortgage rates between banks?

  • Yeah absolutely, so every bank has what they like to

  • call their "discounted off their posted rate", and most of the time it's

  • done to attract new business and new clients. Most banks we find are

  • technically in line, there might be a slight difference in rates - a little bit

  • better a little bit higher, really depends on what the bank is trying to do at that

  • time, just to raise capital and to attract clients.

  • So how would I go about finding the best mortgage rates between the banks?

  • Yeah absolutely, I think the

  • best thing to do is to definitely shop around, with technology these days

  • you can then go on the internet, do a quick search and see what the best rates

  • in Canada are. Every bank technically has their posted rates posted on their

  • website, a good idea to maybe look before you're booking your appointment

  • is to go online and see what rates are offered by that certain bank, or if you

  • feel like another bank has a better rate sometimes banks are actually matched

  • through competitive competition so it's a good idea to know what the competition

  • is before talking to your bank as well.

  • So Mo, when is the best time to look for the best mortgage rates?

  • Is it a specific time of year or is it

  • all year round just depending on which banks provide the lowest rates?

  • Yeah absolutely, so in my opinion mortgage rates are very seasonal, so we

  • do feel mortgage rates are technically a little bit higher around November til

  • about January-February which is the winter months. The real estate market

  • slows down, purchases slow down, like house buying activity slows down and

  • then we actually see a little bit--the market pickup around springtime

  • which is called "spring market", and rates technically do

  • tend to come down a little bit lower at that time just to encourage people to get

  • into the market and purchase a little bit more.

  • So with the new mortgage rules

  • in Canada--and you can watch our video with the link above--how does that impact

  • the difference in rates between the banks?

  • Yeah absolutely, so the stress test

  • technically has nothing to do with interest rates currently where they're

  • posted. Interest rates are going to be determined all different factors, it can

  • be determined where the economy is if the economy is doing better, or it's

  • gonna be a little bit higher if the economy's doing not so well, the rate

  • could be a little bit lower, the stress test is just for qualifying purposes to

  • see exactly how much you qualify for a mortgage. Once you qualify for the

  • mortgage you can get technically any rate that you want and at that time it's

  • best to shop around to see what rates are offered by different banks. Different

  • banks have different rates based on whatever discount they're willing to

  • provide or wanting to provide to get your business.

  • So Mo, do you have anything else to add?

  • Yeah I would say definitely the best thing to do is speak with your lender,

  • speak with your bank or your specialist and see what's best for you,

  • what kind of rates are best for you and and just definitely shop around, try to

  • get yourself the best rates. Go online and shop your bank or your specialist

  • with the competition to see if there is a better rate out there for you.

  • Perfect, well thank you very much Mo, thank you very much everyone for

  • joining us. Remember to watch our video on the new mortgage rules in Canada,

  • have a good day!

  • That's another edition of

  • Homebuyer's School, tune in next time for

  • more expert tips and tricks and

  • visit to bring you

  • one step closer to finding your

  • dream home. As with everything it would

  • be great if you like and share our videos,

  • also please let us know if you have any

  • home buying questions you

  • want us to answer.

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A2 mortgage bank technically yeah absolutely canada specialist

How to compare mortgage rates between the banks in Canada (and save yourself money)

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    林宜悉 posted on 2020/03/10
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