Is Your Bank Really Giving You The Right Mortgage?

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Is Your Bank Really Giving You The Right Mortgage?

Recently, a new client came to us with a surprisingly-common problem: even though she had been a great customer at her local bank for many years, when it came to shopping for the right mortgage, they basically presented her with a “take it or leave it” offer that included just a couple of standard home loan options. In other words, they didn’t have what she was looking for, and didn’t really give her any choices for finding the right solution.


So she did what so many other men and women in her situation are starting to do, and went looking for a leading Canadian mortgage broker (and of course, we are thrilled that the search led her to us).


Happily, it didn’t take us much time to get her a much better offer, and one that had the terms and rates she was looking for. So, our question is whether your local bank is really giving you the right mortgage for your needs? If you aren’t sure, keep these three things in mind:


First, it never hurts to shop around. Even if you end up getting a mortgage from your local bank, as our clients occasionally do, examining your options is never a bad idea – especially when you consider the long-term financial implications of the new home.


Second, looking at different banks competitively can be a good thing. Contrary to popular belief, not every bank offers the same kind of mortgage product, with the same terms, fees, and deposit requirements. Finding the right one for you can make all the difference.


And third, there are often more customized mortgage products available beyond what your local bank offers. Not every borrower fits into the same category, especially if they aren’t traditionally-employed or aren’t purchasing the standard single-home property. In those cases, a company like ours can be a big help.

Why settle for the first home loan that’s offered to you when you could find the perfect mortgage product? Now is the perfect time to speak to a member of the Source Mortgage team today, and get more information.

Written by Lori Donovan. Visit Lori on 

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Heartwarming Stories

Source was absolutely great to work with - went above and beyond to help us get everything done when buying our new home. Highly recommended!! Chad and Jenelle Richards Jan 09 2013

Chad and Jenelle Richards
Added January 23rd 2013

Interest Rates

6mth Term 3.95%
1yr Term 2.99%
2yr Term 2.69%
3yr Term 2.99%
4yr Term 3.39%
5yr Term 3.04%
V.R.M. Prime-.65 or 2.35%

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