Are you a Canadian on the market looking for a home to buy but you are worrying about the potentially high mortgage rates you may be charged with by lenders? If this is the case, you will be happy to know that there are several things that you, as a would-be home buyer can do to get lower Canada mortgage rates.

According to an extensive study done by the people at the Bank of Canada, simply BoC to many, there are several things that Canadian home buyers can undertake in order to get better mortgage rates. While some of the results of the study are already obvious and are being done by many wise and savvy consumers, many of these are actually unknown and uncommon.

So if you are really want to secure a mortgage that will not bankrupt you, here are two of the little-known things that you can do to get a much better deal on the loan you will be taking out.

Consider Going to a New Lender

According to the research that BoC has undertaken, they were able to find out that a great percentage of new borrowers (or clients) received larger discounts over those that were already existing clients. So if you have already been with a particular lender for your first mortgage loan, you may want to consider going to and working with a new lender. Obtain quotes from other mortgage lending institutions to find out whether they will provide you with a much better deal or not.

Use the Services of a Smaller Lender

The results of the BoC research also concluded that the larger a lender’s market share is, the higher the rates they charge borrowers are. So with this being said, it may be a good idea for you to use the services of a smaller lender rather than sticking to one of the big banks in Canada.