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Old 06-13-2008, 01:17 PM
BankAdmin BankAdmin is offline
Join Date: Jun 2008
Posts: 22
Blog Entries: 4

Yes, negotiating your mortgage rate is perfectly acceptable in Canada. In fact it's a smart thing to do, because if you succeed even a small rate discount can save you thousands of dollars in interest over the life of your mortgage.

If you have a good credit history and your don't have much debt, tell the loan officer that you are low-risk borrower and simply ask for a interest rate reduction because of that. You'll be surprised in how many cases this can actually work.

Another important thing to do is to shop around for the best mortgage rate. Don't just get quote from 1 or 2 banks, instead do this with all big Canadian banks and any other Canadian mortgage lender you can find. You may consider talking to a mortgage broker, as they can give you multiple offers and essentially do the leg work for you.

Good luck!
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