(NC) – For most of today’s consumers, “One Stop Shopping” is a familiar term, but one that is rarely considered when it comes to financial services, such as a mortgage. In days gone by, one-stop financial shopping frequently meant convenience to consumers, but with very limited options. People would deal with just one financial institution for all their needs -- including their mortgage. The down side was you were restricted to the features and rates of the products of that one bank or trust company.

Limiting your choice of mortgage to one organization can be a very costly mistake. For most Canadians, your mortgage loan will be the largest and the longest-term debt you will ever undertake. The small difference in your interest rate can add up to thousands of dollars over the course of many years. For example, on a mortgage loan of $100,000 amortized over 25 years, a difference of only a quarter percent could easily cost you over $5,000.

Remember, the loan rate is just part of the picture. Many financial institutions offer other attractive terms and special incentives. These also have value, and you need a professional to help you determine the choice that’s right for you.

The importance of shopping around for the best mortgage is evident. However, today’s consumer is time-impoverished. It’s often difficult to devote the kind of time this process deserves. Searches for competitive rates are often limited to contacting two or three banks.

The good news is that now some of the more innovative real estate companies, such as Coldwell Banker, have access to a service that takes shopping for the right mortgage to a whole new level of convenience. Talk to your real estate professional to find out how to arrange for quotes from dozens of financial institutions with just one phone call. It’s never been easier to get the mortgage that’s right for you.