Canada bank loans: Where to go to get the best deal.
Choosing the best Canada bank loan in many cases comes down to choosing the best loans officer, and not the institution.
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If you go to a particular lending institution and ask the loans officer "Who offers the best loan package?", the officer will probably recommend the institution they are working for. And when that loans officer moves to a new company, they will probably state that the best package is from their new company. Hmm. See a pattern forming here.
So what is the best way of finding the best remortgage
loan?
You can contact traditional sources such as Banks, Credit Unions, Savings and Loans, or Mortgage Bankers. All of these institutions have their strengths and weaknesses, and you may be satisfied with your search. But remember, in most cases, they are trying to "sell" their own programs, and will not inform you of a potentially better
preapproved
loan, because it is a conflict of interest.
This is where loan brokers come in. Their major strength is that they can shop the market for whichever lender has the best rate. (And this is faster and more effective than you can do on your own). They can also handpick a particular lender that suits your needs exactly, and if that submission is declined, they can simply repackage the loan and submit it to another lender. Once again though, make sure you do some homework yourself to make sure that you're getting the best rates. You don't want to find out that your brokerage company has a "greedy" loans officer who is finding the best deal, then charging you a higher service fee, which nullifies the lowest rate.
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