When you stop to think about it, mortgage shopping and pants shopping are a lot alike, except that no one in a bank will ever try to measure your inseam. You can buy your trousers off the rack or have them made to order. So it is with securing a mortgage. Deciding the size and length is only half the task.
Lenders offer an array of incentives in an effort to attract savvy customers.
You can get cash back, or shave a point off. You can also collect Air Miles, Aeroplan or Club Z points. Finding the right fit is up to you. There's really no such thing as one size fits all any more. Five years ago, CIBC launched its first cash-back program, in which borrowers could get the equivalent of one per cent of their mortgage back in cash to help with closing costs or other expenses.