My wife and I have good credit good equity and are thinking of financing a third home. Our other 2 mortgages are with BMO. Should we look more into Mortgage brokers or do banks typically have the best options?
Mortgage brokers will shop the mortgage to all lenders to find the source of money that is most to your advantage.
You can go to the broker knowing what your bank would charge you, so that you can decide to take your bank up on their offer. They almost never come back with a higher rate.
But, if you want to go variable rate, broker is not going to save you money. In general, variable rate financing has been a lower cost option over any 5 year period in Canada. But you may hit a period in which variable rate is higher than what you could have locked in for earlier.
Mortgage brokers will shop the mortgage to all lenders to find the source of money that is most to your advantage.
You can go to the broker knowing what your bank would charge you, so that you can decide to take your bank up on their offer. They almost never come back with a higher rate.
But, if you want to go variable rate, broker is not going to save you money. In general, variable rate financing has been a lower cost option over any 5 year period in Canada. But you may hit a period in which variable rate is higher than what you could have locked in for earlier.
References :