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Borrowers should compare rates with their existing lender and with a mortgage broker and be prepared to act to secure the option of a new rate.
'Just to ease the pain, the other thing a mortgage broker can do is they can look at your headline mortgage rate, they can actually go back to your existing lender and renegotiate a rate for you,' Ms Pannek said.
The cost of new fixed-rate mortgages has been coming down, and Nicholas Mendes at mortgage broker John Charcol predicts there will be further cuts in 2024.
“The problem arose from misinformation given to her by her mortgage broker, a situation in which CMI was not involved, and CMI is now reviewing the broker’s actions.”
Source: https://vancouver.citynews.ca/2023/11/14/vancouver-mortgage-rate-hike/
Working with a mortgage broker can help you secure a competitive rate and could even save you money across the full term of the mortgage.”