"You may as well hand your wallet over to the granter," says a buyer. If you
identify that your current lender has the best mortgage features, advice and
policies, ask your bank to match a competitor's lower rate.
"If you don't come right out and ask for a better rate, you won't get one," says
a real estate lawyer in Toronto. He also claims that banks might be more
desirous of lowering your rates if you transfer over other accounts or
investments, such as an RRSP. Don't just fixate on the interest rate. The
amortization period, the rate type (fixed or variable) and the flexibility of
the payment schedule can be crucial to lowering your costs.