Large financial companies and smaller mortgage brokers in Toronto all compete for your mortgage business. That’s because mortgage lending is a tough and competitive business. And while they compete to make you their client, when it comes to offering the most favorable rates, not every lender treats all of their clients equally.
The selection of a lender of choice is therefore very important. Ultimately you, as the borrower, must make a decision on whom to partner with. And while Toronto mortgage rates are on the rise, your choice of a lender could determine whether you receive a favourable rate for your mortgage.
Understand one thing: Not every mortgage lender offers all their clients the same rates. Great rates are often reserved for “special” clients. And therefore, to get the best mortgage rate in Canada, you need to make sure you pick the “best lender”:
If you are applying for a second mortgage in Canada, you are automatically disadvantaged because 2nd mortgages usually carry a higher interest rate. But you can change that by strategically selecting your lender based on their ability to work with you so that you are not excluded from receiving some of the best Toronto mortgage rates available to their other clients.
Getting professional help
When faced with tough decisions around a second mortgage in Canada, it’s always advisable to reach out and speak with a professional for advice. At Mortgage Genie, you’ll not only receive good advice, but you can also expect a some of the best second mortgage rates offered to you. That’s because, smaller private mortgage brokers in Toronto like Mortgage Genie have greater flexibility in offering personalized terms to their clients.