Evermark Mortgage Group

If the Bank of Canada raises the overnight interest rate another 0.25%, it could have an impact on your current variable rate mortgage.

There could also be implications to your renewal if the maturity date of your term is coming soon. Please reach out to an Evermark Mortgage professional for a consult.

People operate mainly out of habit. We generally buy the same brand of consumables, the same make of car and shop at the same stores that we have in the past. And when it's time to start looking at getting a mortgage, we often go straight to the bank we usually deal with.

Which could be a big mistake.

A report by the Consumer Financial Protection Bureau found that nearly half of all mortgage borrowers surveyed seriously considered only one lender before applying for a mortgage. Over three-quarters submitted an application to only a single lender when obtaining their loan.

The reason this could be a problem is because the same study found that mortgage rates on a conventional 30-year fixed-rate mortgage can vary by more than half a percentage point among lenders.

Here is what that means- on a $250,000 mortgage over a 30 year amortization period at 2.5% interest and 2% interest, the difference is $5946.03 over the first 5-year term. That is a massive expense if you decide not to shop around!

Contacting an Evermark Mortgage professional give you access to over 50 different lenders, giving you the best opportunity to save money on your mortgage.

Did you know you can fund your renovation with equity built up in your home? Contact an Evermark Mortgage Professional to find out how!