With a swell of mortgage products to choose from in Canada, and more than 50 lenders all combating for your business, getting the lowest mortgage rates in the market can be easy if you use an independent mortgage broker to shop the banks and trust companies for you.

But what about the mortgage itself, it that as imprint as the best mortgage rate? Some say yes. If you purchaser a home and get a five year term but plan on selling the home before that, you may inadvertently be put into a mortgage that has no portability options opening you up to potentially thousands in penalties.  Conversely, if you choose an open mortgage at the best open rate but plan on not selling your home, you could be paying more in interest with by having the open option.

Hundreds of mortgages to choose from all with varying rates and different features and options. Finding the best mortgage rate is incredibly important but not at the cost of a mortgagee feature that could cost you more than your interest rate savings.

Remember too, not everyone can access all these lenders and have the skill, knowledge or expertise to ensure you get the very best mortgage. Using the services of an independent mortgage broker will allow you to have your mortgage shopped to the majority of mortgage lenders in Canada. You should also seek a broker with an Accredited Mortgage Professional or AMP designation. This means they have gone through higher levels of education and ongoing education as well as maintain high levels of ethical standards set within the mortgage industry.