Ratebot.ca Canadian Mortgage Rates

4 April 2010

Ratebot

I was emailed recently by Ratebot.ca, a Canadian Mortgage Rate Search Engine. Apparently, you can compare hundreds of mortgage rates in Canada on their website. So if you are planning on taking out a mortgage, or perhaps renewing your existing provision, it might be worth a look. So while this isn't exactly a "deal" post like we normally do here on Bargainmoose, it could be a useful tool to save money.

I don't have a mortgage, so this is an area I don't know a lot about, but we all know that choosing a mortgage is a huge financial step in your life, and not something to be taken lightly. Being armed with as much information as possible, cannot be a bad thing.

Here's a bit about Ratebot.ca - but remember, these are their words from a press release, not my own opinions:

RateBot.ca is the Canadian Mortgage Search Engine. We maintain the database of mortgage products currently available on the market and give visitors an ability to see, compare and apply for the mortgage. Mortgage shopping can be a very hard and time consuming task especially for first time home buyers and our task is to simplify the process and provide valuable service for consumers. Our search engine displays current mortgage rates and features available from various brokers/lenders across the country. We help Canadian consumers to reduce time wasted while mortgage shopping. By using our system you can search 100s of mortgage products online and we believe this will help you find the lowest mortgage rate in Canada and save thousands of dollars per year, while being able to compare features of various mortgages.

Only RateBot.ca offers absolutely free lender/broker registration. Lenders or mortgage brokers can register for free to post their mortgage products online. All you have to do is to update your mortgage rates constantly and keep the information up to date and you will receive applications from our visitors. All the applications go directly to the lender/broker. We do not charge lenders/brokers for the applications. This is why we are the only unbiased mortgage search engine in the country.  Canadians should be able to see everything that is available on the market and we try to present this information in fast and timely manner.

Our goal is to reduce the level of price discrimination in the whole industry. Currently the whole banking system is setup to prevent people from shopping around. Multiple credit checks lower your credit score, bank representatives are trained and rewarded for selling higher rates. Not every broker/lender will give out their best rate right away, because they want to get paid more, but majority of them will match the rate if the customer asks them to. In order to be able to ask - you have to know what is available on the market. That is where we come in. We are the only unbiased mortgage search engine that will show to the visitor what is out there in the market place and what to expect when you sign up for a mortgage.

I would recommend you have a quick google and see if you can find out anything more about Ratebot. You might find some threads where customers have used the service to secure mortgage deals.

Have you ever used Ratebot.ca, and what are your opinions?

What do you think?

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