Canadians were least interested in finding the best mortgage rate, according to a survey.
As a home buyer, would you readily accept the mortgage rate offered by the bank? Would you actively seek better offers? Turns out, half of the Canadian home buyers do not shop around for the best mortgage rate, unlike home buyers from other countries.
Latest edition of HSBC’s Beyond the bricks global research show revealed that Canadians are LEAST likely to shop around for mortgages. As part of the survey, 10,000 respondents from 10 countries were asked if they took the time to hunt for a the best mortgage rate. Shockingly, only 50 per cent of Canadian home buyers shopped around for a better option. In comparison, 61% of respondents across all markets did shop around. Respondents from France and Malaysia were the most proactive when it came to finding the best rate, 79% and 72% of respondents respectively searched for a better deal.
According to the survey 25 per cent of future Canadian home owners believe they would struggle if mortgage rates increased any further. However, it seems like stakes are higher for respondents from other countries. Globally, 32 per cent of future home buyers said they would struggle with higher rates.
Are Canadians getting accustomed to paying high mortgage rates for their homes? Even if that is the case, dedicating time and energy to proper research always pays off. Shopping around for a good rate will not fully change the financial picture for home buyers. However, it can definitely help to save a considerable amount of money.
Our team at Home and Mortgage Advice takes on the job of finding the most competitive mortgage rates for our busy clients. We do the shopping around part for our clients and help to find creative mortgage strategies. Remember, you do not have to accept the first offer you were given. Take some time to find the best rate on the market. Use the resulting savings toward building your dream life! Call us today for a consultation.