Why are your rates so much lower than my bank?
Major institutions have a lot of money to lend, but they also have a lot of expenses! Overhead, salaries, benefits, desks, utilities, to name a few. At CanQuest Mortgage, we work for you, and not for the banks. We bring a great deal of business to each bank and so are offered wholesale rather than retail interest rates.
Major institutions make their money on the profit margin on the interest rates that are sold. This is why you need to haggle for the lowest rate possible, and even when you think you have won the battle, chances are, you have not. Mortgage brokers are not paid based on the interest rate sold, but rather on the mortgage amount. Therefore, you are offered the lowest rate upfront.