Canadians are a schizophrenic bunch when it comes to their consumer loyalties.

They have sharp pencils and harsh words when it comes to cell phone contracts, data plans or cut-rate flights and hotel deals. But when it comes to banking, they’re pushovers, a complacent fee-tolerant bunch, happy to get something, but not the best deal that they might.

Your Banking fees are one reason why Canadian banks are so profitable. Last week TD and RBC reported 15 per cent increases in second quarter profit. RBC’s shares hit a new record. TD too.

So why such loyality to the Bank? Is it a sense of comfort?

Well Your banks make a lot of money off you and especially when it comes to renewing your mortgage. Today, a bank renewal rate is 3.29% for 5 Years with Bank of Montreal for their clients. Is this loyality to their consumers? The answer is no they are not! Banks make huge profits by not giving the best mortgage rate to their clients. They will offer the standard mortgage rate which adds to their bottom line.

Clients owe it to themselves to shop around for their mortgage rate! Wait a min. Is this what a mortgage broker does? The answer is yes! Mortgage Brokers represents you the consumer and NOT THE BANK! We look out for your best interest and not the banks! Mortgage Brokers have many great solutions. We deal with 50 different lenders across Canada, inculding the banks!

Today, a local Mortgage Brokerage, Mortgage InGenuity, Your Mortgage Architects, in Waterloo is offering a 5 Year Standard Mortgage at 2.97% for 5 Years and 2.89% 5 Year Value Mortgage. What a savings to the consumer. The mortgage renewal process is the same and we enjoy saving money for our clients.

Assuming a $300,000 mortgage, Mortgage InGenuity's  best 5-year fixed mortgage rate is 2.84 per cent,  The cost of that mortgage is $1,395 a month. The best discounted 5-year fixed mortgage rate offered by the Bank of Montreal at 3.29 per cent. Will cost $1,465 a month.

Taking the lower rate saves $70 a month, $840 a year, or $4,200 over the five years.

There’s a cost when people don’t shop around! I encourage you to visit our office and get all the options presented to you. Our Service is free and we get paid by our lenders/banks for placing mortgages with their financial institution. Again our clients do not pay! Do not sell yourself short when it comes to mortgages!!