TORONTO, June 14, 2018 /CNW/ - Mortgage comparison websites were once a new and innovative way to search for a mortgage, but are becoming increasingly bogged down by misleading offers. RateShop.ca is a new Canadian comparison platform that provides more accurate rates by taking into account the factors that mortgage lenders look for when offering their lowest rates.
Christopher Auty, director of communications at RateShop.ca, says that many people aren't aware that advertised rates don't apply to everyone. "People search the internet for 'lowest mortgage rates' when they should be searching 'lowest mortgage rates I qualify for.' Until now, there hasn't been a way to personalize results. The advertised mortgage rates you see on those sites are theoretical best offers in an industry where your rate depends on your credit, income, amortization and down payment."
Many comparison sites advertise rates from select lenders without considering factors like your credit, but the difference of a few points on your credit score can mean missing out on the best rates. Filtering products by credit will save you time while shopping. To that end, RateShop.ca shows 700 offers so customers can compare all their options.
Knowing that other options exist is part of the shopping experience, as the lowest rate isn't always the best rate. Getting a rate that is a couple basis points lower can save a couple thousand dollars over the course of a mortgage term, but steep pre-payment penalties can easily erase those savings if you want to pay off your mortgage sooner, Auty explained.
Customers can choose to connect through a live chat system with a mortgage professional eliminating the need to wait for a callback or be passed on to a third party site. You can apply for a mortgage, ask an advisor questions, and check the status of your file all on one website. The entire mortgage transaction is done with RateShop.ca instead of through multiple agents at different institutions.
RateShop.ca also compares Canadian credit cards, chequing and savings accounts, and are the first Canadian site to compare international money transfers. Compare over 30 banks instantly and invest in registered and non-registered GICs online, and get multiple home, auto, life or travel insurance quotes in under a minute.
''The RateShop platform has created value for consumers by providing multiple options across multiple financial solutions," says Nicolas Nardozza, Business Development Manager at Securiglobe.
For further information: www.rateshop.ca, 416-827-2626, [email protected]