How to get the lowest rate on your mortgage (new and renewing mortgages)

House hunting season has officially begun, so I thought it would be a good idea to have an insider from the mortgage industry on the show to learn some tops tips on getting the lowest possible mortgage rate, whether you are looking for a new mortgage, or have one that you’ll need to renew soon.

In the interview, we also look at what else you should look for in a mortgage, in addition to just getting the lowest rate possible. In other words, what are the different clauses or contract terms that you should look out for, when getting a new mortgage, or renewing your existing one.

And, our industry insider and mortgage expert will tell us what sales and marketing tactics and tricks we should look out for from the banks and other mortgage providers.

Last but definitely not least, we discuss the pros and cons of the different ways that you can get your mortgage. For instance, do you use a mortgage broker? Do you go directly to a bank or credit union? Or do you just use one of the many mortgage comparison sites out there?

About the Guest: Sean Cooper

Sean is the bestselling author of the book, Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians. 

He bought his first house when he was only 27 in Toronto and paid off his mortgage in just 3 years by age 30.

These days, Sean’s helping others burn their mortgages too, as an independent mortgage broker.

Before we dive into the interview, Sean has offered to answer for free, any questions that you, the Build Wealth Canada listeners have.

I’ve set up a special page for him so all you have to do is go to buildwealthcanada.ca/sean, enter your email, and Sean will be in touch with you and will be able to answer any questions that you may have.

He’s a licensed mortgage broker too so I definitely also encourage you to reach out to him if you’re looking to get a new mortgage or if your mortgage is coming up for renewal, as at the very least he’ll be able to provide you with a short list of the best mortgages that he’s been able to find across all of Canada.

None of this costs you anything, and there’s no obligation to get your mortgage through him or use any of those suggested mortgages.

At the very least, you’ll get some good education on the top mortgages available in Canada, you’ll learn what to look for when choosing your next mortgage, and you can always decide later whether you’d like him to help you with the process, or if you want to do it all yourself. It doesn’t cost you anything regardless.

As a bonus, I’ll also email you the Mortgage Checklist, which is a guide on the top things to look for and consider when choosing a mortgage.

So that link again to get in touch with Sean, get your questions answered, get the free mortgage checklist guide, and get that research on some of the best mortgage in Canada is buildwealthcanada.ca/sean.

Enjoy 🙂

Listen to the Episode:

• Listen to it on iTunes.
• Listen to it on Google Play.
• Download as an MP3 by right-clicking here and choosing “save link as” or “save as”.

Links & Resources Covered

Chat with Sean for free to get your mortgage questions answered by entering your email at buildwealthcanada.ca/sean

Check out Sean’s best-selling book, Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians.

Questions:

1. Can you tell us a bit about yourself and your mortgage burning story?
2. After reaching that milestone of paying off your mortgage so early and never having to worry about a mortgage again, what made you decide to actually become a mortgage broker?
3. Can you tell us if getting the lowest rate doesn’t necessarily mean that you’re getting the best possible mortgage? Or, is it really just all about getting the lowest rate?
4. What are the top elements or tactics that can help us get the lowest possible mortgage rate?
5. Are there any mortgage tricks or sales/marketing tactics that the banks use that they don’t want us to know about? 
6. The recent federal budget had a significant impact on some homebuyers. Can you talk about what those are and when we can actually take action on these changes?
7.  I’m a big fan of using a mortgage broker. I’ve consistently used a mortgage broker back when we had a mortgage, but I can see some Canadians debating whether they should just go with their existing bank for the convenience, or maybe just Googling something like “lowest mortgage rates” and trying to get some mortgage online with the lowest rate that they can find. What are the pros and cons of each of these approaches and are there any other approaches that I didn’t mention?

Don’t forget to reach out to Sean with your mortgage questions here: Buildwealthcanada.ca/sean

Have a great week, and see you in the next episode!

Kornel