Why It's Important To Do Your Financial Research

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Posted in Money Tips
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

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When shopping for financial products like mortgages, credit cards or GICs it's important to shop around. We spend time reading through reviews and prices for things like coffee makers, but as today's guest points out:

before buying a TV we look on Best Buy, we look on Amazon, we look online to find the lowest prices and comparison shop. And I think more people need to realize that they can also do that for financial products.

My guest today is Alyssa Furtado, founder and CEO of Ratehub.ca, a financial products comparison website. They help consumers compare products like credit cards, mortgages, banking and insurance services to help consumers make informed decisions regarding their financial situation.

Disclaimer: This is not a paid advertisement for Ratehub. The purpose of this episode is to educate listeners on the benefits of comparison shopping to avoid or prevent taking on unnecessary debt.

Researching The Best Rates

Getting the best deal often means getting the lowest rate. To find the lowest rate, you need to shop around. Rather than just accepting your bank's approval of a 3% mortgage interest rate, simply because you're loyal to that bank, put in the extra time to do your research and know for sure that what you're getting is the best deal for you and your finances.

Lenders are not your friends.

Although they offer deals and incentives for signing up or being a loyal customer, they're in the money making business. This isn't a shocking piece of information (or at least it shouldn't be), but it should put into perspective the importance of doing your due diligence when it comes to your own finances.

No one else is going to care about your finances as much as you do.

Alyssa explains that

in Canada, because we have the big 5 banks and we have this relationship directly with our banks, we often think it's easiest to just walk into the branch. And so, I think that that's an important step, but in addition, people need to research, empower themselves and comparison shop to find the best deals.

Which "Features" You Choose Depends On Your Financial Outlook

When it comes to buying a home, taking out a credit card, or opening up a GIC, you want the best rate possible to keep costs affordable. Alyssa explains that comparison shopping isn't limited to credit cards, and in fact, you can search based on criteria specific to your preferences and needs.

For example, the website lists lenders and banks and includes important information including:

  • mortgage pre-payment options;
  • specific rates based on the size of your down payment;
  • rates ranked lowest to highest;
  • lender criteria (for those who may not qualify with traditional lenders);
  • interest amounts; and
  • reward programs.

Everyone's financial situation is different and requires different things to avoid taking on debt, saving for the future or to live within their means. Whatever features you choose should depend on where you're at with your finances and what your financial goals are for the product you're looking to sign up with. Alyssa suggests that consumers

think about how likely [you are] to use that feature, and is it important to you when you're doing your comparisons.

Know Your Spending Behaviours

If you're someone who pays their bill on time and never racks up interest charges, a high interest credit card that boasts tangible rewards may be fine for you. However, if you're barely making the minimum payments, often fall behind on your payments and interest charges are increasing the size of your bill, you may want to forego reward systems in place of lower interest rates.

Moreover, if you're deep in debt and need to limit your use of credit, it's important to know which financial products can help you on your path toward becoming debt free. For example, secured credit cards offer those with bad credit  or no credit (i.e. new Canadians) the ability to make online-only purchases or book hotel rooms safely, without worrying that you're racking up debt.

Listen to the full podcast, or read the transcript below for for more information about:

  • Mortgage rate comparisons;
  • Credit card comparisons;
  • GIC comparisons;
  • How comparison sites like Ratehub get paid;
  • CDIC Insurance; and
  • Why it's important to continue to shop around, even after you've signed on the dotted line.

Resources Mentioned in the Show:

FULL TRANSCRIPT show #65 with Alyssa Furtado

financial-research-transcriptDoug Hoyes: Here on Debt Free in 30 we often talk about consumer proposals and bankruptcy as a way to deal with debt but the vast majority of Canadians don’t need to take that drastic a step. The most logical starting point for most people is to reduce the interest they're paying so that more of their payments each month go towards principal.

Getting a lower interest rate mortgage or a credit card is often a good first step. But how do you do that? Your bank only offers a limited a number of mortgage or credit card products, so you need to shop around, but how do you do that? How do you find the best deals? So, that's the question that we're going to answer with my guest today. So, let's get started. Who are you? Where do you work and what do you do?

Alyssa Furtado: My name is Alyssa Furtado and I'm the founder of Ratehub.ca and Ratehub is a financial product's comparison site. So, we cover things like mortgages, credit cards, GIC's, high interest savings accounts and we're really helping consumers find the best products to suit their needs and also empower them with education and data to make the best decisions.

Doug Hoyes: Excellent. And that's why I wanted to have you on the show today, Alyssa, 'cause I'm all about that exact same thing. You got to empower yourself, you got to do your research, you got to educate yourself so you can make an informed decision. And I just want to let everyone know and I'll give you my standard disclaimer here that this is the Debt Free in 30 show, it's my show. I get to pick the guests. No guests are paid for being on the show. No guests are paying me to be on the show. This isn’t a commercial for Alyssa or for Ratebub but I wanted to have you on the show because I think you've got some valuable information to share with us today. So before we get into the specifics of Ratehub, give me a bit of your back story. Pick up your life from university and what you do after that and why did you start Ratehub?

Alyssa Furtado: Great questions, going back a few years now I, after graduating from university I spent two years in a strategy consulting role. Learned a lot with working with amazing people, but just really felt it just wasn’t a long-term fit for me. And so I was doing some soul searching. Did I want to become a teacher because I had been passionate about education, how was I still interested in business, just so many thoughts running through your head.

And I was actually catching up with a classmate of mine who had spent the last two years at a mortgage brokerage and he was building out their offices in Ontario to Quebec. And our conversation really started to get exciting when he was talking about a website that his company was buying over $20,000 worth of mortgage leads each month from. And when I did a bit of searching I discovered that it was Canada's only rate comparison website at the time.

So, I mean you can probably image our conversation. We were young and naive and thought, so it's just a website and it aggregates rates and you're paying them $20,000 a month. We'll launch in three months and we'll be printing cash and move to a beach in a year and it seemed like such a simple business idea.

And so, I left that conversation really excited. But I'd booked a two month trip to Hawaii so I boarded the plane and went off on that next adventure. And while I was in Hawaii really had the time to think about what I wanted to do next and I just kept thinking about this business idea. And it combined a lot of the things that I was passionate about. You know, it had the education component. There was an opportunity to really help consumers through all of their big decisions around financial products. But it allowed me to still stay focused on business which I studied at school and was interested in pursuing.

And then I had the potential, you know, I think many entrepreneurs are motivated by lifestyle, it had the potential to help me be able to travel, and if I built this website, live a very fluid lifestyle. Now I don’t think that part's come to fruition because I think that you always underestimate the amount of work involved, but it's honestly been such an amazing and exciting ride over the last five years. So, when I got back from Hawaii that was January of 2010, I dedicated full-time to the website and have been working on it for the last five and a half years.

Doug Hoyes: And this isn’t something that you're doing out of your basement, this is an actual company. You've got lots of employees, the whole bit, right?

Alyssa Furtado: Well, that's a good question. It actually is something that I did out of my basement, or rather my dining room table, for a number of years. The first four years we actually ran the business out of, originally, a home I was renting and then at town home. And so, I eventually moved to the basement and ran the business on the top two floors. And now for the last year we've been operating out of an office at King and George, so right around the corner from the St. Lawrence Market in Toronto. And we're moving to our next office which is twice as big. It's 3,700 square feet and that's going to be at Richmond and Ontario Street.

Doug Hoyes: Very cool. So, let's talk about Ratehub, then. And first of all tell us what the address is, it's Ratehub.ca right?

Alyssa Furtado: Yep.

Doug Hoyes: Okay, so I go to Ratehub.ca and what can I do?

Alyssa Furtado: So, we often when we're talking about Ratehub.ca we often go to mortgages first and that's where we spent the first five years of operation exclusively focused on mortgages. And the idea was that you come to the website and you let us know what you're looking for, five year fixed rates in Toronto, for example. And we list all of the providers from lowest rate to highest rate and so that would include brokers as well as banks and some of the other mortgage lenders. But then we also show you some of the important features that go along side your mortgage, so things like the pre-payment options, for example. We let you know how many days you can hold the rates and then we - our whole business model is once a user is interested in a specific rate offered by a provider, we connect, we connect the user to the mortgage broker.

Doug Hoyes: So, there's a couple of questions that stem from that, then. So, the first question is so I'm a user, I'm on your website, what does it cost me?

Alyssa Furtado: So, for users it's absolutely free.

Doug Hoyes: It's free, okay. So, I can go on, find the best rate and you  say I get put in touch with whoever had that rate, obviously that's the whole point, and so -

Alyssa Furtado: It's important to note that you can see many different rates. And it's only if you choose as a user to find out more or call the provider that we put you in touch.

Doug Hoyes: Got you. So, it's not like you're sending my name to them or anything like that.

Alyssa Furtado: Yeah.

Doug Hoyes: So, I select that I want this five year fixed rate with 3% interest or whatever the terms are. And then I click the button and then what happens next? I put in some additional information at that point? How does it work?

Alyssa Furtado: Yeah, so it's really simple. You list your name, your phone number, your email address and then that gets send directly to the provider advertising the rate and then they would give you a call back directly.

Doug Hoyes: Got you. So, you're just putting person A in touch with company B. And presumably that's how you get compensated, then. It's the mortgage provider in this case who is compensating you?

Alyssa Furtado: Exactly. And we call it a lead generation model. So, we don’t earn a percentage of the deal if it closes. We earn a fixed dollar amount per lead that we send. Something that we've done more recently in the last year is we actually launched our own mortgage brokerage as well. So, some of the leads you would be touch with someone from CanWise Financial, which is our in house mortgage brokerage.

Doug Hoyes: Got you. But I guess you're completely, other than I guess your internal brokerage, you're completely agnostic as to which one I pick. You're getting the same referral fee from whoever I go to so you're happy with whoever I pick.

Alyssa Furtado: Exactly. And rates are all, they're just sorted from lowest to highest and so that's what determines who rises to the top.

Doug Hoyes: Now, the other thing you mentioned then was about features. So, 'cause I'm sitting here saying well okay lowest to highest, give me the lowest. What's to think about? Why do I care about features? So tell me why as a consumer I should care about features? What kind of features should I be thinking about?

Alyssa Furtado: That's a great question. I mean one of the most important is the pre-payment options that come with your mortgage. So, if you're someone that receives a bonus or part of your compensation through commission, and you want the opportunity to put a lump sum down against your mortgage, your pre-payment options might say okay you can put, you can pay off up to 20% of your mortgage balance each year.

One mortgage might offer 20%, one mortgage might offer 10%. So, you want to think about how likely are you to use that feature and is it important to you when you're doing your comparisons. Sometimes the rate hold you might look at a low rate but it's only available for 30 days, but you haven’t purchased a house yet and you're actually looking for pre-approval so you might have to go for a different rate.

Doug Hoyes: I got you.

Alyssa Furtado: Yeah, so those are some of the features. We're also starting to see in the industry some changes where depending on your down payment you might qualify for a specific set of rates. And so those are some of the features we're going to have to start incorporating into the website. As it's become more and more popular to start offering differentiating rates based on down payment.

Doug Hoyes: And so, when I look at the quotes I can see the features as well. So, I may not pick the lowest interest rate because what's really important to me is the pre-payment feature for example.

Alyssa Furtado: It's true. But what we have found is that most people still submit to the lowest rate. I think that is what people want when they're going online searching for the best rates. And so, at that point they can also connect with a mortgage provider and have a discussion about whether the product suits their needs and then go from there.

Doug Hoyes: Got you, okay. So, but I think you're making a very valid point here and that is, it's not just the interest rate that is the only factor to consider, there are other features. So, obviously the rate is the starting point.

Alyssa Furtado: Absolutely. And a big thing too is just are you able to qualify with a specific lender? So, there's lots of things going on. Some people might be self-employed and have more difficulties verifying their income. Some people may be on a contract basis, some people may be newer to Canada so you really have to look too at, once you connect with that provider, is it a great rate if you are in a unique position?

Doug Hoyes: And you're not necessarily going to know that until you actually talk to the lender.

Alyssa Furtado: Exactly. And so that is the type of stuff as we at Ratehub, like how do we continue to innovate? Like what does the next version of Ratehub look like? We're starting to experiment with some of - I guess we could call it increased segmentation.

Doug Hoyes: Yeah so you can narrow it down even more finely and get the things I want. 'Cause it's already narrowed down by geography, right?

Alyssa Furtado: Yes.

Doug Hoyes: So, if I'm in Toronto or Windsor or wherever, I can be put in touch with a local person.

Alyssa Furtado: Exactly.

Doug Hoyes: Okay, now it's not just mortgage rates that you've got on the site. There's also a section on credit cards. So, is it the same kind of thought process there?

Alyssa Furtado: A little bit. So, yeah this - so, as I mentioned we spent the first five years solely focused on mortgages and then in 2015 we launched credit cards, GIC's and high interest savings account comparisons. So, on the credit card side what we're really trying to do is say, based on what you spend each year what credit card will give you the most value?

And so how we derive at that is we say, okay, what are the rewards you're going to earn based on your spending? But then we have to subtract the annual fee. And then we also add in any sign up bonuses you'd get in the first year. So, we try to say okay based on your spending pattern you can expect to get $350 net value from your credit card in year one. And that may go down to $250 every year thereafter once the sign up bonus goes away. But we show both of those numbers.

Doug Hoyes: And so, in that example you're talking about someone who pays off their credit card every month.

Alyssa Furtado: Great point, yes. So, those are our rewards credit cards and that's a really good point. You only earn that value if you're not paying interest. So, the credit cards with the annual fees and the high interest rates really only make sense for people who can reliably pay their bill each month. We do compare other credit cards like low interest, balance transfer and secured. And so, for someone who is less excited about the rewards and more concerned about caring a balance and paying that off, some of the cards on our site have interest rates as low as 9.99%.

Doug Hoyes: So, if I'm sitting here today and I want to get out of debt and I know one of the most obvious things to do is lower the interest rate I'm paying, then it is possible to go here and say okay show me what the low interest credit cards are. And if I can get a low interest card that maybe has some rewards great, but that's not going to be my focus. My focus is what's the lowest interest rate because then I can be - I'll transfer the balance from my high rate one to my low rate one and get out of debt quicker. Whereas if I'm already completely out of debt, a credit card is just a means of, it's a substitute for cash. Instead of carrying cash in my wallet I'm using it, then I can look at the rewards.

Alyssa Furtado: Exactly. And if you're going to use - I mean I use my credit card for almost every purchase. And so it's really important to me to maximize the rewards. But if you look at our low interest credit cards, they're not sorted by rewards; they're sorted from lowest to highest on interest rates.

Doug Hoyes: So, you have to decide what you're looking for and then look for that.

Alyssa Furtado: Exactly. Secured is another interesting option. So, some people who have bruised credit or maybe they're new to Canada and they don’t have a credit history, secured cards can be a great way for them to get started because, I mean, with so many purchases happening online, it becomes even more important.

For people that are carrying credit card balances, we're actually seeing in the financial - we call it the fin-text base. So, start ups that are centred around financial services, there's a lot of marketplace lenders that have come to market in more recently. And so, companies just as an example Group Lend and Borrowell, they're offering loans at much lower interest rates than credit cards and they're able to improve people online. And so, that's an area that Ratehub may get into in the future as well, starting to compare some of those marketplace lenders by interest rates to really help people who are carrying balances.

Doug Hoyes: Yeah, and it's interesting because you're right, you're getting into areas that are more than just interest rates. I mean as a bankruptcy guy, I'm sitting here thinking, gee I wonder what their collection practices are. That would be really cool if you could put that on the site too and I realize you can't 'cause it changes all the time. But is this the kind of lender who, well if I'm one day late they're taking me to court or is this the kind of lender who's perhaps a little more willing to work with me? But I think the basic things obviously are the interest rates and the features. You've got to decide for yourself what makes the most sense. Do you find that those things change very frequently?

Alyssa Furtado: They can and especially when you've got hundreds of cards on the website, it does take a lot to keep up with. Many of the banks though will send out product feature grids. So, any time they make changes to their sign up rewards of if they were to change their interest rates, things like that, they'll push them out to us and then we reflect that on the site.

Doug Hoyes: So, just because I got a credit card with really good rewards or a really good rate last year, there's no reason I shouldn’t be checking again. There may be, in fact, probably is a completely different deal today.

Alyssa Furtado: Yeah. And definitely even in my own friend groups we see a lot of people that have a credit card that they've had for five to ten years and there's been a lot of innovation in credit cards and there's a lot of products that have very flexible reward options. So, you can use it for travel across any airline in any hotel and so those ones are gaining a lot of popularity 'cause those of us with points have all come across blackout dates and trying to book on a system where we're only allowed to get one - book through one airline.

So, it's really great to see the innovation. Capital One is a good example. They have a really great sing up bonus and an awesome credit card. They took their sing up bonus away and now they're bringing it back. So, I think consumers must have let them know how important that was to them or they saw their sign ups and their new acquisitions go down and so they responded, which is great.

Doug Hoyes: Yeah I guess if I can get a sign up bonus by switching somewhere else then that's what I'm going to do. So, now just so people don’t think that your site is all about debt, you've also got the ability to compare things like GIC's and savings accounts, is that correct?

Alyssa Furtado: Yeah, absolutely. And in both of those cases we actually sort rates of course from highest to lowest. So, the focus of those sections is where can I get the most return for my savings?

Doug Hoyes: And so you would look at them by obviously term, you know 90 days one, year, three year, five year, that kind of thing. And are there - and I assume that's conceptually pretty simple. Okay, well what's the highest rate? What are the other factors then that I would be thinking about when I'm looking at that? For example is it going to be different if I can put it in my RSP or not?

Alyssa Furtado: Yeah, it can be. And we showcase registered versus non-registered rates. So, that's a big one.

Doug Hoyes: And so, are there any other features that would matter or is it really pretty simple? Is it registered or non-registered? Can I put it in my TFSA or not?

Alyssa Furtado: Yeah, that's a great one. Another big thing is, if we're talking about GIC's, how do you buy it? So, many of us have online brokerage accounts through our banks or we might have a financial advisor through our banks, then you can only purchase some products from within their system. Does that make sense?

Doug Hoyes: Yep.

Alyssa Furtado: And so, we showcase, you know, this GIC is available through most deposit brokers, discount brokerages, investment advisors. But sometimes you can get higher rates if you open an account directly with the provider because they're incenting you to come on as a customer. And so that may or may not be worth it for you, you know, depending on how much higher the rate is, depending on how much you're putting in.

Doug Hoyes: Yeah, if I have to completely switch banks to do it and I'm going to earn .005 of an extra percent then maybe it's not worth it. Or if I'm not happy with my current bank well maybe it is totally worth it. So, again, it becomes a case of shopping around, right?

Alyssa Furtado: Exactly, exactly. And CDIC Insurance has been making sure that the deposit is insured.

Doug Hoyes: So, can I tell that from your site or is that something I have to research on my own?

Alyssa Furtado: That is one of the things we show on our comparison charts.

Doug Hoyes: So, there may be a really great interest rate, but if it's some company I've never heard of as opposed to a big bank, I can then make the decision well I can then make the decision well am I concerned about giving my money to them? Well, if they're CDIC insured then I guess I don’t have as big a worry about it then.

Alyssa Furtado: Yeah, and you would decide how important that is to you and again, trade off if you're going with a lower interest rate as an example.

Doug Hoyes: And then we talked about GIC's, you do the same thing with savings accounts, is that correct?

Alyssa Furtado: Yeah. We focus on high interest savings accounts. And with those products we see a lot of teaser rates. So, open an account and earn 2.5% but often times that 2.5% is only for a period of three to six months. And so we also look at, if that rate is only valid for a certain period of time, what does your return look like over the full year? And so, that really helps people kind of sift through the marketing noise.

Doug Hoyes: Got you. But that may also be a case where I come back to the site in six months and find another one. I guess if you have to lock in for a year then you're locked in for a year. But it's something you want to keep researching.

Alyssa Furtado: Yeah and high interest savings accounts, they're less likely to be locked in for a specific term, whereas GIC's it's different. But yeah I think it's very important to look at the teaser rates because they can be very appealing, but they don’t actually - if you're planning to leave your money in for a year, they don’t actually result in a higher return. You're better off to go with a higher average return.

Doug Hoyes: Yeah, and again that's where the research comes in and where you got to think about it. So, there definitely is a difference between a GIC and a high interest savings account. Well, that's an excellent introduction to the site. We're going to take a break and come back with a few more questions, but once again the website is Ratehub.ca, exactly how it's spelled Ratehub.ca and we'll be right back to wrap it up. You're listening to Debt Free in 30.

Let's Get Started Segment

It's time for the Let's Get Started segment here on Debt Free in 30.my guest today is Alyssa Furtado. Did I pronounce your name correctly there Alyssa?

Alyssa Furtado: You sure did.

Doug Hoyes: Pretty close, excellent. So, you are the founder of Ratehub.ca, which is a website that allows consumers to find the best mortgage rates, credit card rates, GIC, savings account rates and so on. If someone asked you - well I'm going to ask you, give me your advice, then. So, I'm someone listening to this show right now and I want to find the best rate in one of those things, what's the thought process? How do I go about doing that? Where do I start?

Alyssa Furtado: Well, I think first of all it starts with a mindset. And you've really got to buy into the fact that it's so important to compare products and shop around. Before buying a TV we look on Best Buy, we look on Amazon, we look online to find the lowest prices and comparison shop. And I think more people need to realize that they can also do that for financial products.

So, in Canada because we have the big five banks and we have this relationship directly with our banks we often think it's the easiest to just walk into the branch. And so I think that that's an important step, but in addition, people need to research, empower themselves and comparison shop to find the best deals. And it could end up saving them in many cases thousands of dollars in interest if we're looking at their mortgage or hundreds of dollars in rewards each year if we're talking about finding the best credit card.

Doug Hoyes: So you're saying that we as Canadians probably spend more time researching the new coffee maker we're going to get, looking at all the reviews on all the internet sites, but when it comes to my many hundreds of thousands of dollar mortgage, we just go to our bank?

Alyssa Furtado: Exactly. And so, I think more and more as people become empowered and more and more comfortable shopping online, we're seeing the trends start to change. You know, and if you compare my generation to my parents' generation, we're much less loyal to our banks. I have a credit card to one bank, I have my checking account with another bank and I have my mortgage with a local credit union. And that's something that I'm very comfortable with and because I can pay my bills online from my checking account and my mortgage automatically gets taken from my account, I don’t feel the burden of having multiple relationships with different banks and financial institutions.

Doug Hoyes: And I see what you're saying, you're not as loyal to a bank. And I guess that's because in your mind, if I may put thoughts in your mind, a bank is providing a commodity. It's kind of the same way I view a gas station, okay I know that the gas, whether I go to the blue station or the red station or the green station is all coming out of the same tank at the depot. It doesn’t really matter to me which station I go to, all I care about is the price. And the price of gas is generally pretty much the same wherever you go. Isn’t it the same with a mortgage? I mean do I really need to shop around? Am I not really going to get basically the same rate everywhere?

Alyssa Furtado: So, no we actually see a large variation. And all the studies show that the more quotes you get, the more providers you speak to, the lower rate that you'll get. 'Cause I think unfortunately if the bank knows that you're just going to work with them automatically they're not going to offer you the lowest rate and they don’t always have the lowest rate on products. The credit union that I ended up going with was doing a really large campaign in the mortgage industry to try to onboard a lot of consumers. And so, they went with a really low rate to pull people in and so I was able to get an incredible rate for my five year mortgage, which again would save me thousands of dollars over the term of my mortgage.

Doug Hoyes: So, this is not a trivial thing we're talking about. It's not $50 here, $50 there, it can literally be thousands of dollars.

Alyssa Furtado: Exactly.

Doug Hoyes: And I assume this is even more prevalent when it comes to mortgage renewal. Because I get it when I'm shopping around at the start, I probably at least call two places or go to your site and look at the different things that are out there. But when the five years is up, my bank is going to send me a piece of paper saying here tick this box if you want the one year, the two year, the five year and that's really where the shopping around is even more important, I would think.

Alyssa Furtado: That's a great point. And studies do show that 88% of people stay with their lender at renewal. And for the reasons that you say, it's easy, they might send you a form, you can just sign on the dotted line, but you've always got to remember that they're trying to get you at the highest rate possible in many cases. And they don’t - and that isn’t to say that they're going to say with certainly gouge you, but they have less incentive to go to rock bottom to keep your business.

Doug Hoyes: 'Cause they've already got you. But if - so, when your mortgage comes up for renewal at the end of this five year period, obviously you're going to go onto your own site and shop around.

Alyssa Furtado: Exactly.

Doug Hoyes: But aren’t there going to be a whole lot of fees and everything when you switch? That's something you've got to factor into the calculation I would assume.

Alyssa Furtado: Yeah, absolutely. In many cases at renewal there are no fees, no additional fees. And if there does happen to be some the new lender may cover those fees. And again, you won't know that until you comparison shop, find the great rates, make some inquiries. And so again, it just comes back to the importance of making sure you go through that process.

Doug Hoyes: And that's really the message we've hammered home the whole show and that is you got to shop around, there are better deals out there. You don’t just take the first one. So, I think that's an excellent point and an excellent way to end it. Alyssa, thanks for being with me, once again your website is Ratehub.ca. Thanks for being here, Alyssa.

Alyssa Furtado: Thanks so much for having me.

Doug Hoyes: Great. Thank you very much. That was the Let's Get Started segment here on Debt Free in 30.

Announcer:           You're listening to Debt Free in 30. Here's your host Doug Hoyes.

Doug Hoyes: Welcome back. It's time for the 30 second recap of what we discussed today. On today's show, Alyssa Furtado of Ratehub.ca told us that it's important to shop around for all financial products because the savings can be significant. That's the 30 second recap of what we discussed today and that's our show for today.

Full show notes are available on our website including links to information about Ratehub.ca. So please go to hoyes.com, that's h-o-y-e-s-dot-com for more information. Thanks for listening, until next week I'm Doug Hoyes. That was Debt Free in 30.