[Kristi Hyson]

Originally Posted by MarchHare

My mortgage is up for renewal later this year. My wife and I recently spoke to our mortgage broker from when we bought our home five years ago and requested she look into getting us the best possible rate for renewal. Our current mortgage happens to be with our bank where we have accounts for chequing, savings, RRSP, TFSA, credit cards, etc.; should we also go to the bank and see what they can do for us?

If the bank comes back with a better rate than the broker found for us, is it considered a dick move to have had the broker waste her time searching for us if we don't go with her in the end, or is that a common practice?

I would recommend going to your bank to discuss rates, most financial institutions will match the rate the broker is offering, especially when you are a full service customer. If you transfer your mortgage from your current financial institution you will be subject to another application and the condition requirements to obtain a new mortgage. If your mortgage is insured you can do a straight switch to another institution for the exact dollar amount, amortization and your premiums can be ported. If it is a brand new mortgage and not a switch you will be paying premiums again if your loan to value is greater than 80%.