Bank Mortgage Rates
Bank mortgage rates are something we don't talk a lot about as brokers as we don't deal with them; we strictly deal in the wholesale markets. Bank mortgage rates are those that you see in your branch which are usually about 1.5% higher than the rates you see on our web site. Generally banks use these 'posted rates' as a guideline or a starting point for their clients and then discount them according to the clients profitability to the bank. The more investments you have with the bank, generally the better the client you are considered.
Mortgage brokers deal in a different market place. We deal with bulk or wholesale channels that don't pay any attention to what 'else' the client brings to the table; it is platform based strictly on volume. So if you are not what the bank would consider a 'top 5% client', than dealing with a mortgage broker is likely going to save you money. Your discount off of the bank mortgage rates will not be as steep as those offered in the broker channels.
So how do the banks get away with charging bank mortgage rates when fully discounted mortgage rates are so available to everyone on line? Its simply a matter of clients not knowing about Verico mortgage brokers and what they can do to save them money. We are doing our best to educate clients about our services but until we can reach out to everyone, the banks will continue to over charge their average clients.
To see the difference between bank mortgage rates and our interest rates, click here, and see for yourself. Over the term of a mortgage this difference in interest rate can literally be tens of thousands of dollars; that is going straight to the banks bottom line. And as a client, what do you get for this? The privilege of being their client!
So save yourself the time and aggravation and more importantly the money, and call us first. We will treat you like you are number 1, not like you are bottom 95%.
Canada Mortgage Brokers
Call one of our Canada Mortgage Brokers today, or apply online for a Free Pre-Approval today.
