Do you compare mortgage rates when it is time for renewal?

Most homeowners don’t compare mortgage rates on renewal…Do you?

Deal with the Saskatoon mortgage experts, Marcel Brossart and Chelsey Limay  you can rely on  at Your Mortgage Link . You can sure that you have looked at all of the options, and that you have the best mortgage products and the best mortgage rates to suit your needs. We read recently to our surprise, that most home owners just sign on the dotted line when their mortgage renewal forms arrive, without shopping around to compare mortgage rates. Thats why we wanted to write about this subject  in our latest Saskatoon Mortgage article!

Most homeowners don’t compare mortgage rates on renewal…Do you?

Using websites to compare travel products has become widespread but the same does not appear to be true when it comes to financial products including mortgages.

Although 60% of those cold by Ipsos for lowestrate.ca said they do a lot of research when arranging a mortgage that fall sharply when it comes to renewals.

When renewing their home loan just 42% of homeowners do a lot of research and 22% renew without doing any research at all.
When arranging a new mortgage or renewing, baby boomers are least likely to do research on mortgage rates (27%) while 48% of millennials do so; Gen-Xers fall between the two groups.

The low rates of comparing deals is also seen across other financial products including credit cards and car insurance.
“The massive gulf between Canadians who compare travel options and financial products is disappointing. Because the latter is where you save real money,” says Justin Thouin, CEO LowestRates.ca.

Consumers in Alberta are most likely to do a lot of research when shopping for financial products (45%) with those in Ontario just behind (41%) followed by Atlantic Canada (39%) Saskatchewan and Manitoba (38%), Québec (35%) and British Columbia (31%).

“A few months ago, we found that many Canadians don’t understand how common financial products work,” adds Thouin. “And this survey really hammers home that a large part of that is because Canadians can’t be bothered. We need to make comparing financial products as common as comparing flights or hotels.”

 

Your Mortgage Link is a Saskatoon-based brokerage operation. Chelsey Limay & Marcel Brossart the best Saskatoon mortgage team . Their goal is to offer their valued mortgage clients a range of mortgage products, and to get the best Saskatoon mortgage rates possible from Canada’s top lenders.

 

ORIGINAL Mortgage Broker News ARTICLE 

Current Interest Rates
5 Year Variable2.30%
1 Year Fixed2.44%
2 Year Fixed2.54%
3 Year Fixed2.79%
4 Year Fixed2.94%
5 Year Fixed (High Ratio)2.79%
5 year Fixed (Uninsurable)2.99%
7 Year Fixed3.59%
10 Year Fixed3.74%
Home Equity
Line of Credit
3.70%

Rates are subject to change without notice. For the most current rates, call (306) 244-4663.