Anybody done mortgage rate comparisons at RateSupermarket.ca? What did you think?
We haven't been serious viewers/users of the site but it reads as a fairly neutral place to get an idea of current comparable real mortgage rates. I quite like how straight forward they are about their independence and how they make money (see the "About Us" tab on their site).
How do they make money? Advertising and referrals. The advertising is clearly identified as such. And the referrals come only if you ask.
I looked at them a little more closely today because they announced an iPhone app connected to their service. It seems pretty straight forward. You could be looking at a home and start to feel that "what if I bought this" tingle. Out comes the app and tells you who wants what rate today for whatever type and term you ask about. It also has a mortgage calculator to check the actual payments. Could be handy. You don't have to actually talk to anybody or give out your information to anybody to get a solid idea of what would be involved mortgage-wise.
All that said, if you know you are house-hunting you should get pre-approved. Find a good mortgage broker (we know several) and go through the process. You will know what you can afford, you can lock in a rate, and you will be stronger at the negotiation table. It's all good.
If you're interested in real-estate related apps, you might want to have a peek at a series of earlier posts on the subject: Part 1, Part 2 and Part 3
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