A recent paper published by the Bank of Canada found that there is a significant amount of variability in mortgage rates for customers, resulting in a difference of thousands of dollars over the life of the mortgage. They state that "the burden of gathering multiple quotes lies on consumers", and "consumers also differ in their bargaining ability". They compare shopping for a mortgage to shopping for a car, a house, or health insurance.
The study also shows that people who use a mortgage broker pay lower rates on their mortgage, since the mortgage broker takes on the legwork of searching for the best mortgage rate and terms.
So, how good are your bargaining skills?
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