Every time my husband and I have to start thinking about our mortgage renewal, I get a little stressed. I always hope that the rate we get will be the same or lower (for all my loyal readers, you know that I am all about saving money and getting the best deal I can – our mortgage is no different) but the fear of an increase is always there.
In the past I didn't know how to go about finding the best rate, but now I do. LowestRates.ca offers a great comparison tool for finding the best mortgage rate. In 30 seconds, I had entered in the required information and was provided with the best rates for mortgages in my province, listed from lowest to highest. You can then click on each one to check out the details.
When you are entering your information you can choose what type of mortgage you are looking for (closed, fixed, variable; you can even change the amortization term)
Not in the market for a mortgage? You can also compare rates on credit cards and insurance companies.
Are you thinking it will be difficult to use because you don't know the lingo? Don't worry, they have a glossary of terms right on the website, a help center which describes the differences between the types of mortgages and other information which you need to know (closing costs for house purchases etc) and a 1-888 number to call for help with mortgage and credit card information. In addition to the useful information on the site, they have a blog filled with other financial information and you can subscribe to their monthly newsletter, to help keep you up-to-date.
You can connect with them on Facebook and twitter.