I currently have a mortgage with ING. Today I had an almost two hour appointment with a mortgage specialist at my CIBC branch. I was surprised to see the amount of time she spent to go over my options. The "best" offer for a 5-year fixed mortgage was 3.14%, saving me about $160/month. Of course, I'll have to pay a penalty for renewing early.
But then I do a quick Google search for "Calgary mortgage broker" and get overwhelmed with the sheer number of brokers out there, and many of them are offering 5-year fixed rates as low as 2.99%.
How do you distinguish one independent mortgage broker from another when so many of them offer the same rate? Seeing this rate out there, should I just go back to my branch and say what's up? Or should I start the ball rolling with one of these independents and then approach the bank for a better rate?
Perhaps a better question is why would I go for a 3.14% rate with CIBC when there are posted rates of 2.99%?
