Quote:
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?
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Talk to your broker.
See what the bank offers you. Tell your broker that's what they offered you and see who comes back with the best rate. The broker should understand. That said, if the bank comes back with one rate your broker beats it, then your bank matches it - maybe reward your broker, who was honest with you from the get go. Often mortgages (priced at their lowest to win customers) are loss items. Or make banks even money. They make the money of all your other accounts. If you take your mortgage elsewhere the bank isn't going to punish your other products that they make a lot of money off of.