- The Best Mortgage Rates In Canada For 2025
- What are the Different Types of Mortgages?
- Is a Variable Rate Mortgage Better?
- What Affects Your Mortgage Rate in Canada?
- How Do I Qualify for a Mortgage in Canada?
- What is the Mortgage Term Length?
- How are Mortgage Rates Determined?
- What Are the Average Mortgage Rates in Canada?
- What are the Best Mortgage Rates in Canada?
- What are Mortgage Prepayment Penalties?
- Is It Worth Working with a Mortgage Broker?
- Benefits of Working with a Mortgage Broker:
Autumn has yielded to the first flirtations of winter, and Canadians are bundling up–both to stave off the nip in the air and steer through the cool nuances of the mortgage market. In the search for the best mortgage terms, what one knows is as important as one’s house is for protection from the bitterly cold months in Canada.
The blog post unveils the ‘Best mortgage rates in Canada for 2025,’ providing a light-house in the cold and frozen financial terrain that surrounds this latter-day Narnia. It’s designed to arm you with the latest news, tips, and tricks to get you the low mortgage rate you always wanted, one that won’t burn a hole in your wallet, and won’t hinder your financial future years down the line. If you’re new to the real estate game or a bit of a veteran, it can pay to know what mortgage rates in Canada are doing right now before making any sort of investment by the year end.
| Bank | Policy Rate Q2 | Policy Rate Q3 | Policy Rate Q4 |
|---|---|---|---|
| BMO | 2.50% | 2.25% | 2.00% |
| CIBC | 2.50% | 2.25% | 2.25% |
| National Bank | 2.50% | 2.25% | 2.00% |
| RBC | 2.25% | 2.25% | 2.25% |
| Scotiabank | 2.75% | 2.75% | 2.75% |
| TD | 2.50% | 2.25% | 2.25% |
What are the Different Types of Mortgages?
The Canadian mortgage industry is multi-faceted, with different products to suit the financial needs of individual borrowers and multiple options available for each type of mortgage. Here’s a summary of the types of mortgages that exist:
Fixed-Rate Mortgage:
It’s the most common kind of home loan with an interest rate that doesn’t change during the life of the loan, which can vary from 1 to 10 years. Fixed-rate mortgages are often favored by borrowers for the stability and predictability they offer, as their regular payment amount doesn’t change even when the market rates do.
Variable-Rate Mortgage (VRM):
With an adjustable-rate mortgage, the interest can vary with the lender’s prime rate. The total payment is not fixed and can change during the life of the loan. Others adjust the amount that goes toward the principal on a variation of the VRM with fixed payments. They might be an advantage if interest rates are expected to decline (and there is room for them to do so), and could save a borrower money over the long term.
ARM (Adjustable-Rate Mortgage):
As with variable-rate mortgages, the rate on an ARM can go up or down depending on changes in the interest rate to which it is tied. But with ARMs, both the interest portion of the mortgage payment and the total payment can change, which can make budgeting a bit more difficult.
Hybrid/combination mortgages:
These loans carry characteristics of both fixed- and adjustable-rate mortgages. In general, some people will finance part of their mortgage at a fixed rate and part of it as a variable rate. This may provide a trade-off of security and potential interest savings.
Open Mortgages:
Open mortgage An open mortgage can be paid off at any time without penalty. They typically carry higher interest rates, but can be worth it for the freedom to make big lump-sum payments or pay off the mortgage entirely in the early years. They are best for those who will receive a big infusion of cash or plan to sell their home soon.
Closed Mortgages:
With closed mortgages, the interest rate is generally lower than open mortgages, but the amount of additional payment is limited. There may be penalties for paying off the whole mortgage before the end of the term.
Convertible Mortgages:
These give borrowers the ability to change between a variable rate and a fixed rate during the life of the mortgage, or vice versa, and typically without a penalty. This gives a little bit of room to capitalize on market adjustments.
Reverse Mortgages:
Reverse mortgages are loans that allow seniors to borrow money against the value of their homes. It doesn’t have to be repaid until the home is sold or the homeowner dies.
Home Equity Line of Credit (HELOC):
A home equity line of credit, or HELOC, is not a traditional mortgage, but it is very similar to one. It functions like a credit card with a credit limit based on a percentage of the home’s equity.
Capped Rate Mortgages:
These are a form of adjustable-rate mortgages where the interest rates remain variable but there’s a limit to how much they can change. This does provide some defense as interest rates rise.
Construction Mortgages:
These are construction loans that serve the needs of home builders, with disbursements of funds at intervals as the building goes forward.
It is essential that you understand the types of mortgages available in Canada so that you may choose the right one for your current financial situation. The right mortgage for you will vary depending on your level of risk tolerance, financial durability, plans for the future and the overall economic situation. Then it’s a matter of working out the best course for you … I do suggest consulting with a good broker to help take you through the choices.
Is a Variable Rate Mortgage Better?
Is a variable-rate mortgage better in Canada? The answer is not so black and white — it depends largely on your needs and goals and current market conditions.
Variable-Rate Mortgages: Often have lower initial interest rates than fixed-rate loans, but the interest rate can change over time, increasing your payment. Here are a few things to consider that could make for a better deal if you’re the sort of borrower who might opt for a variable-rate mortgage:
Market Trends: If the market trends are indicating interest rates will remain flat or drop over time, a variable rate mortgage may end up being less expensive.
Flexibility: Adjustable-rate borrowers frequently have the option to convert the loan to a fixed-rate mortgage, which can serve as a form of interest-rate insurance if they believe that rates will rise considerably.
Prepayment Privileges: Variable-rate mortgages often provide greater flexibility in pre pay options. That means you can put extra money toward repayment or pay the mortgage off altogether without being subject to heavy penalties.
Lower Penalties: If you end a variable–rate mortgage, the penalty is typically three months’ interest, less than the Interest Rate Differential (IRD) penalty for a fixed-rate mortgage.
Potential Savings: Historically, variable-rate mortgage holders have saved money in interest over time, compared to their fixed-rate counterparts. But this is based on historical performance and is not a guarantee of future results.
On the other hand, here are some reasons that it may not be the better choice:
Risk Adverse: If you like to have a clear financial picture, a fixed rate mortgage will offer the certainty of knowing exactly what you will pay for the loan over its life.
Higher Rates: As interest rates go up, so do your loan payments with a variable-rate loan. That could result in larger payments for which you need to budget.
Financial Stress: If money is tight, having your mortgage payment unexpectedly rise can be very traumatic.
Complicated Budgeting: When interest rates rise or fall, the proportion of your payment that goes towards the principal as opposed to interest will change. This can complicate long-term budgeting.
In the end, whether a variable-rate mortgage is “better” will be determined by the borrower’s specific financial picture, appetite for risk, and their economic forecast. In many instances, it’s best to consult with a financial advisor or a mortgage professional who can help you specifically in the context of your financial backdrop and the overall state of the economy. They can assist you in scrutinizing the choices, both in terms of your personal financial circumstances and in the interest rate environment you’re in, and headed toward.
What Affects Your Mortgage Rate in Canada?
There are a few more things to consider when it comes to landed the best possible mortgage rate in Canada. Knowing these can help you work your way through the process and land a potentially better rate:
Credit Score: Lenders will consider your credit score as one of the most important things. A higher one might tell lenders you’re a less-risky borrower, potentially leading to a lower interest rate.
Down Payment: Your mortgage rate may be influenced by the amount of your down payment. In general, a larger down payment is perceived as less risky by lenders and can lead to better interest rates. The lowest allowable down payment in Canada is 5%, but having a 20% or higher down payment can allow you to avoid purchase mortgage default insurance.
Debt-to-Income Ratio (DTI): Determines the percentage of your gross monthly income that goes toward paying your debts each month. When your DTI is lower, you may get a better mortgage rate, as this demonstrates that you are not over-leveraged.
Amortization period: The number of years over which you plan to pay back your mortgage can also influence your rate. Shorter amortization periods often lead to lower interest rates, since the lenders get their money back more quickly and don’t face the risks of having their cash tied up for longer periods of time.
The Economy: There are a number of economic indicators – like the Bank of Canada’s Key Rate, inflation rate, or the housing market – that can also impact mortgage rates. When the economy is strong, rates can go up in an effort to curb inflation, and when the economy is weak, rates can fall to stimulate spending and investment.
Type of Loan: As mentioned above, fixed-rate mortgages carry higher interest rates than adjustable-rate mortgages because fixed loans allow for price stability.
Property Type and Use: Rates can also vary depending on whether the property is owner-occupied, an investment property, a second home or a rental. Investment property normally have higher rates as they are considered more risky.
Lender and Mortgage Product: Lenders offer different products and rates. Some could specialize in certain mortgages, which could have more favorable rates for your needs.
Insurance: You’ll have to purchase mortgage default insurance if you have a down payment under 20%, which protects the lender if you’re unable to pay the loan. Although it increases the cost of the mortgage, it also often lets you qualify for a lower interest rate.
The Term: Mortgage terms in Canada are usually between 1-10 years. Rates can differ significantly between loans for shorter and longer mortgages. Shorter terms — Shorter terms generally have lower rates because there’s less risk to the lender that rates will move more than a few years.
Rate Hold Period: When you receive a mortgage rate quote, lenders will typically offer to hold that rate for a specific period, usually between 90 and 120 days. Should rates rise over that time, you would still benefit from the lower rate.
The Bond Market: Fixed mortgage rates are closely connected to the bond market in Canada. Mortgage rates tend to move with government bond yields, which rise when bonds are sold.
And if you’re shopping for a mortgage, it can help if you follow these guidelines, and work on the ones you can control, such as improving your credit and saving up for a bigger down payment. You also might want to consider developing a relationship with a mortgage broker, who can lead you through the process, and possible find a lender that would offer you the best possible rate in your state of affairs.
How Do I Qualify for a Mortgage in Canada?
Qualifying for a mortgage in Canada is a process that involves meeting certain criteria set by lenders. These criteria will assess your financial stability and reliability as a borrower. Here’s what you need to qualify for a mortgage in Canada:
Credit Score: Having a good credit score is extremely vital. In Canada, lenders typically prefer a score of 680 or above for the most favourable rates. However, scores between 600-679 might still qualify for a mortgage, potentially at higher rates.
Stable Income: Lenders need to see that you have a stable and predictable income to support your mortgage payments. This typically means providing proof of income through pay stubs, tax returns, or employment letters.
Employment History: A consistent employment history within the same field or industry can be an indicator of financial stability, which lenders favour. Generally, lenders look for at least two years of continuous employment history.
Debt Service Ratios: There are two key ratios lenders use:
- Gross Debt Service Ratio (GDS): This measures the portion of your income that would go towards housing costs. It includes your mortgage payments, property taxes, heating expenses, and half of your condo fees (if applicable). The GDS is typically required to be less than 32% of your gross income.
- Total Debt Service Ratio (TDS): This includes all your debt obligations, such as car loans and payments through credit cards, in addition to the housing costs. The TDS should usually be less than 40% of your gross income.
Down Payment: You need the lowest down payment of 5% of the purchasing price for homes less than $500,000. For homes priced between $500,000 and $999,999, you’ll need 5% on the first $500,000 and 10% on the portion of the price above $500,000. Homes that are $1 million or more require a 20% down payment. The source of the down payment can be from savings, investment, or a gift from a family member.
Mortgage Loan Insurance: In the case of your down payment being less than 20% of the purchase price, you’ll need mortgage loan insurance. This helps to safeguard the lender in case you default on the mortgage. The cost can be added to your mortgage or paid upfront.
Property Appraisal: A lender may require an appraisal to make sure the property is worth the loan amount. It also gives them assurance about the resale value of the property if the mortgage were to go into default.
Proof of Assets and Liabilities: You must provide information about your assets (such as investments or savings) and liabilities (such as existing loans or credit card debt).
Lawyer or Notary: You will need a lawyer or notary in Canada to process the mortgage, ensure all the legal documents are in order, and register the mortgage.
Mortgage Pre-Approval: While not a requirement to qualify, getting pre-approved for a mortgage can give you an idea of what you can afford and lock in an interest rate for you, usually for 90 to 120 days.
What is the Mortgage Term Length?
In Canada, terms on a mortgage indicate that they are the length of time the current interest rate and conditions of the mortgage contract are in effect. This is not to be confused with the amortization period, which is how long it will take a homebuyer to pay off the mortgage completely.
Now let’s take a closer look at how long homebuyers take out a mortgage for in Canada:
Short-Term Mortgages:
Those are usually between six months and three years.
Short-term mortgages could be viable for someone who believes rates are going to decline or wants to relocate in the next couple years.
Long-Term Mortgages:
LTFT mortgages are usually offered for terms of 4 to 10 years, most commonly five years.
These terms are right for borrowers who like the permanence of knowing what their payment will be for an extended time, which is also helpful for long-term budget planning.
Variable vs. Fixed Terms:
A fixed-term mortgage is one which offers the security of an unchanging interest rate throughout the life of the loan.
A variable-term mortgage is one whose interest rate will vary based on the market’s prime rate. For rates to drop, this may save you some money, but there is also the chance of rates rising.
Open vs. Closed Mortgages:
Open-term mortgages can be paid off at any time without a penalty, making them the most flexible, but they typically come with higher interest rates.
Fixed-term mortgages normally have lower rates but limits on how much of the mortgage can be paid in full in advance and penalties for breaking the mortgage term.
Mortgage Term Considerations:
Tuckahoes Interest Rate Adjustments: This will be based on the term that you select and how you may be impacted by the interest rates change. On the other hand, by locking in longer terms you’ll protect yourself in the event of rising rates, whereas shorter terms may benefit if rates decline.
Penalties: It can also mean high fines to break a mortgage term, particularly with a fixed-rate, closed mortgage. It’s important to become aware of these penalties before you choose your mortgage term.
Renewal: At the end of the mortgage term, you can renew your mortgage at prevailing market rates and conditions, or swap lenders without incurring any penalties.
Flexibility: Some lenders provide convertible terms, which enable borrowers to convert from a short- to a long-term mortgage — without penalty — if their needs or situation changes.
Stress Test: No matter what you call it, you will face a mortgage stress test in Canada to test if you can afford the mortgage if the interest rates were to increase.
Choosing the best mortgage term, then, is a balancing act between choosing a favourable interest rate and the amount of flexibility you need in your life in case you need to make changes down the road (while trying to avoid a massive penalty for breaking your mortgage contract). Your decision will be based on your financial status, your risk appetite and your future intentions. A mortgage professional can be especially helpful as you navigate the nuances and decide which term is most aligned with your personal and financial goals.
How are Mortgage Rates Determined?
In Canada, mortgage rates are determined by a combination of factors that range from broad economic conditions to individual lender policies and consumer factors. Understanding these can help you navigate the mortgage market more effectively. Here’s an outline of how mortgage rates are determined in Canada:
Economic Health:
Bank of Canada’s Policy Rate: The policy interest rate set by the Bank of Canada influences lending rates across the country. When the policy rate is low, mortgage rates tend to be lower as well.
Bond Market: Fixed mortgage rates are closely tied to government bond yields, particularly the 5-year bond yield. When investors demand higher yields, mortgage rates typically increase.
Lending Institution Factors:
Cost of Lending: Lenders set rates based on the cost of acquiring the money they lend out, which includes the rate they pay to obtain the funds plus a markup for profit.
Competition: Competitive pressures can lead lenders to adjust their rates to attract customers.
Operating Costs and Risk Margin: Lenders will consider their operational costs and the necessary margin to offset risks, such as the possibility of borrowers defaulting.
Housing Market Conditions:
Supply and Demand: In a housing market which is hot with high demand, lenders may increase rates due to the increased loan demand.
Housing Market Stability: A stable housing market can lead to better mortgage rates because the risk of default is perceived to be lower.
Consumer Factors:
Credit Score: Individuals with higher credit scores can often secure lower mortgage rates as they are considered less risky to lenders.
Down Payment: The size of the down payment can affect the mortgage rate; a larger down payment often results in a lower rate since it reduces the lender’s risk.
Debt-to-Income Ratio: A lower debt-to-income ratio may qualify you for lower mortgage rates, as it indicates a strong ability to manage and repay debt.
Amortization Period: Typically, shorter amortization periods can get you a lower rate because the lender’s risk is reduced over a shorter time frame.
Type of Mortgage:
Fixed vs. Variable Rates: Fixed rates are usually higher than variable rates at the outset because they offer the certainty of a locked-in rate. Variable rates can start lower but may increase over time.
Mortgage Term: The mortgage term length can influence the rate. Shorter terms may have lower rates due to the reduced risk of rate changes over the term.
Government Regulations:
Regulatory Changes: Government-imposed rules, such as stress tests and lending guidelines, can indirectly influence mortgage rates by changing the risk profile of borrowers.
International Influences:
Global Economic Climate: Canada’s economy may be influenced by world economic events and, in return, world events may also impact mortgage rates in the Canadian market. For example, if world events drive up the cost of borrowing around the world for Canada that can get passed along to consumer mortgage rates.
Rates can be negotiable to some degree when you’re thinking about taking out a mortgage. It may also pay to shop around and have conversations with several lenders or a mortgage broker to secure a better rate offer. Promotion rates and special offers can also affect the rate you’re able to get.
“Being armed with that kind of information can give you an advantage in negotiations,” Poirier says, and it can also guide you to the most favorable mortgage for your financial circumstances. As always, talk to your personal financial advisors or mortgage professionals to receive up-to-date and specific advice.
What Are the Average Mortgage Rates in Canada?
The average mortgage rates in Canada fluctuate based on economic conditions, Bank of Canada policy decisions, and the lending environment. As of 2025, you can get a general idea of the average rates for different types of mortgages in Canada below, but for the most current rates, one would need to check with financial institutions or mortgage rate comparison websites.
Here’s a breakdown of what the average mortgage rates might look like for different mortgage types:
Fixed-Rate Mortgages:
5-Year Fixed: Historically the most popular option in Canada, the 5-year fixed mortgage rates may range around 3-5%.
10-Year Fixed: Typically, these rates are slightly higher than the 5-year fixed rates, reflecting the longer guarantee against rate increases.
Variable-Rate Mortgages:
5-Year Variable: Variable rates are usually lower than fixed rates and might range from 2-4%. They can change with the lender’s prime rate, which is affected by the Bank of Canada’s policy rate.
Hybrid and Adjustable Rates:
Hybrid Mortgages: These combine both fixed and variable elements, and rates will depend on the terms of the product offered by the lender.
Adjustable-Rate Mortgages (ARMs): The same as ARM except the principal and interest payments adjust to reflect changing interest rates.
Keep in mind, it’s important to note that average rates may differ by lender and region, and are influenced by factors including your credit score, income stability, size of your down payment, and the value of your property.
For the latest and most accurate information, get in touch with banks, credit unions, mortgage brokers, and online financial platforms. They can give you the current rates, and some have a locked in rates for a period while you shop around. It’s also wise to keep an eye on Bank of Canada announcements — changes to the policy rate often result in mortgage rate adjustments.
For a borrower seeking a mortgage, it’s worth not only looking at rates but at the mortgage’s flexibility and features — such as whether you’re able to make prepayments or will be charged if you break your mortgage term. These expenses can add up and really affect the total cost of the mortgage over time.
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What are the Best Mortgage Rates in Canada?
“Best” can be subjective. Speak to any mortgage broker, and they will be able to provide their opinion from the market at that moment, and the “best” is really not possible to define. But generally, the best rates are just the lowest rates of interest a borrower could qualify for based on their credit score, down payment, and other financial factors.
If we simply take the most recent data we collect up to that time (June 2025) and take a snapshot of those buyers, there are a number of competitive mortgage rates still being achieved through comparison shopping among different financial institutions (banks, credit unions and other lenders), she’s found. Comparing loans online and considering speaking to a mortgage broker can also help you access competitive rates.
So what kind of rates would be considered competitive, just to have a sense of it? Here are a few hypothetical situations:
For Fixed-Rate Mortgages:
The best rates for a 5-year fixed-rate mortgage might hover slightly above the rate of inflation and could be in the lower percentile of the rates available in the market, often with smaller lenders or through promotional offers.
For Variable-Rate Mortgages:
Competitive variable rates are typically lower than fixed rates and can offer significant savings. The best rates for variable mortgages might be close to the prime rate, with a small discount applied.
For High-Ratio Mortgages (those who have less than 20% down payment):
Due to mandatory mortgage default insurance, lenders often offer lower rates for high-ratio mortgages since the insurance reduces their risk.
For Conventional Mortgages (those with 20% or more down payment): While not as good as high-ratio mortgage rates, the best rates tend to be only marginally higher and still competitive in the market.
It is important to emphasize, however, that the best rate for you might not be the best rate for someone else. Additionally, the inclination to repay with flexiblility, or make regular fixed payments, or to increase or decrease the balance, and to take interest rate risk or take no interest rate risk when interest rates are rising and plummeting recently are often the deciding factors for the right mortgage rate.
In addition, the cost of borrowing can vary with frequency. Their performance is influenced by several factors, such as the state of the economy, Bank of Canada’s policy interest rate, and changes in the bond market. So based on market conditions, it’s always wise to get updated quotes (and consult with a mortgage broker to obtain an across-the-board best rate) for your individual scenario.
In order to ensure that you get the best possible rate for your mortgage, if it is your first mortgage in fact, is to do your homework as it relates to current mortgage rates in Canada, weigh the status of your current personal finances and reach out to financial brokers or potential mortgage lenders in order to lock in the best rate that is specific to the type of mortgage that your require.
What are Mortgage Prepayment Penalties?
Mortgage prepayment penalties in Canada are fees that lenders charge if you pay off your mortgage faster than the agreed-upon terms in your contract. They’re designed to compensate the lender for the interest payments they will miss out on due to the early repayment.
The two main types of prepayment penalties that you might encounter with Canadian mortgages are:
Three-Months’ Interest Penalty:
This is common for variable-rate mortgages. Suppose you decide to pay off your mortgage early or refinance. In that case, the penalty is typically equivalent to three months of interest payments on the outstanding balance of your mortgage at your current rate.
IRD (Interest Rate Differential):
This fee tends to be more common with fixed loans if you pay off your mortgage early in the loan term. The IRD is a cost calculated based on the amount you’re prepaying, the current interest rate you’re paying and the higher interest rate that the lender could charge today in a mortgage term consistent with the remaining term of your existing mortgage. Should the rate at present be below the rate on your mortgage, the prepayment penalty can be quite severe as the lender is fighting to recover some fraction of the profit that it loses.
Here are some key points you need to know about Canadian mortgage prepayment fees:
The actual mechanics of how they are calculated can be complicated, and how two different lenders apply them may differ wildly. It is important to read the fine print in the mortgage agreement to know what the potential costs might be.
Even breaking your mortgage may not be enough to get out from under a prepayment penalty, though federal regulations will now mandate that lenders provide a clear description of how yours would be calculated if you opt for an early bail.
Often, lenders will offer prepayment privileges that allow you to pay up to a certain percentage of the original mortgage balance each year (typically 15% to 20%) without incurring a penalty.
Penalties are not just when you pay off the mortgage entirely, but also when you pay more than the allowed extra amount, refinance or break the mortgage contract to contract with another lender at a lower rate.
Given how much these penalties can reach — thousands of dollars — homeowners should take them into account when weighing the pros and cons of making extra mortgage payments, refinancing and selling their home before their mortgage term is up. As always, you’re best off talking to your lender or a mortgage adviser to find out how much you would have to pay in prepayment penalties under different scenarios and what the best move is with respect to your financial situation.
Is It Worth Working with a Mortgage Broker?
Working with a mortgage broker in Canada can be beneficial for many prospective homebuyers, but whether it’s worth it for you depends on your specific circumstances, your financial knowledge, and your willingness to negotiate with lenders.
Benefits of Working with a Mortgage Broker:
Access to Multiple Lenders: Mortgage brokers have relationships with a variety of lenders, including some that do not directly deal with the public. This means they can provide a wide range of products and rates that you might not find on your own.
Time-Saving: Searching for the best mortgage can be time-consuming. A broker can save you time by doing the legwork of comparing rates and terms from different lenders.
Expert Advice: Brokers are knowledgeable about the mortgage market and can offer expert advice on mortgage products that fit your needs. They can help you understand the pros and cons of different mortgage terms and features.
Customization: A broker can help tailor a mortgage product to your specific financial situation, which can be particularly helpful if you have a less-than-standard financial background (e.g., self-employed, non-traditional income).
Negotiation Power: Mortgage brokers may have more leverage in negotiating rates and terms with lenders due to the volume of business they represent.
No Cost to You: Brokers are typically paid a commission by the lender, not the borrower, so their services are usually at no direct cost to you (though indirect costs may be passed on in your mortgage rate or terms).
Potential Downsides to Consider:
Broker’s Interests: Brokers earn a commission from lenders, which may influence the products they offer you. It’s important to ensure that your broker is recommending the best product for you, not just the one with the highest commission.
Limited Access: Some lenders, particularly larger banks, may offer exclusive rates or products directly to customers that are not available through brokers.
Personal Preference: There are some people who just want to hold the reins of the financial transaction, and those people might enjoy the challenge of shopping around and directly negotiating.
So, having intermediaries like a mortgage broker in Canada could help you get access to a better lineup of mortgage products, save you time and possibly lead to better rates and terms on your mortgage.
But it is important to thoroughly do your homework and make sure your broker is legitimate and has your best interests at heart. It could also depend on how comfortable you are dealing with financial negotiations and how willing you are to do your homework on mortgage options.
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