February 3, 2016
Banks like to rely on convenience and loyalty when it comes to their rate offers, but are they really more convenient? Do you know what they are charging you for your loyalty?
Convenience: Like the big banks, True North also has locations across Canada where you are free to pop in, no appointment required. If you would prefer to discuss over the phone, no problem! During our store hours your calls are picked up right away and can start your application in minutes, absolutely NO frustrating automated menus to deal with! Speak to a real person.
Loyalty: We don’t charge for your loyalty, we earn it! We do this by offering great service and by saving you money. To find out more about our customer service, give us a call or check out some of our fantastic online reviews. How we can save you money is broken down below.
Currently the majority of Big Banks are offering 5yr fixed rates at 2.99% while True North Mortgage is offering a rate of 2.44%. (Rates as of February 3rd, 2016. To see updated rates, click here.)
Below is the same mortgage, set up the exact same way aside from the rate difference. 5 year fixed term on a $350,000 mortgage amortized over 25yrs. Let’s take a closer look at what the Big Banks offer vs what True North Mortgage can offer.
Big Bank Rate
True North Rate
Here is a summary of both mortgages.
Big Bank Summary
True North Summary
Let’s look at the total interest paid over the 5 year term:
Wow, that’s a difference of $9,057 in paid interest over 5 years. This equals over $150 in savings per month!
Next time you are considering your rate options, come to True North Mortgage where you will find the convenience, customer service and savings you deserve.
*Rates used in this post as of February 3rd, 2016. Rates will vary. Please see current rates here.