In Canada, you must qualify for your rate, no matter which lender you use.

When you see a posted rate for a big bank or an advertised rate for a mortgage brokerage or monoline lender it's important to understand that you'll need to qualify through a government stress-test for any rate that is made available to you. Factors like equity in your home and personal credit will impact your final rate, which then becomes the actual rate for which you qualify.

Nearly all mortgage brokers and rate-comparison sites highlight the lowest available rate. But when a deal is inked, some customers end up with a slightly higher rate than the advertised rates due to their individual factors.

Banks are a bit different in how they post their rates.

Brokers & Rate Comparison Sites

'Lowest Available' or 'Posted Rates'

Most brokers and rate comparison sites will promote their 'lowest' available rates. But, those low rates aren't all equal, and some may even trap you with restrictive or costly mortgage conditions, or hidden fees.

At True North Mortgage, like many brokers and rate comparison sites, we have access to a mind-boggling array of mortgage options for our clients. That means we can't advertise all rates and all restrictions, for all clients. So we promote our most popular, lowest-priced and most-sold mortgage products.

But what we DON'T do is advertise 'loss leader' rates. Good-credit clients, with the right down payment and proper timeline, are often able to take advantage of our lowest rates.

We also keep it real, providing clients with a realistic range so that they know what to expect if there are some aspects that will result in a bump-up of their actual rates. The most common reason we can't provide a client with the lowest advertised rate is mortgage default insurance.

Regardless of what you see as the lowest rates advertised on the Internet — we pride ourselves in offering clients the most competitive rates in the mortgage market. Our salaried brokers and volume discount mean we can often beat competitor rates on the same mortgage or premium products.

And, even though we help get your best actual rate, there's no cost and no obligation to use True North Mortgage. Want to know your exact rate? Easily apply now and we'll help you find out.

The Big Banks

'Posted Rates' vs 'Discount Rates'

Unlike brokers and rate comparison sites, the major banks tend to advertise their rates differently. They list posted rates and discount rates. Their posted rate will be quite high, but then they 'negotiate' a lower rate so that clients feel like they're getting a great deal. But it's still probably much higher than the rates we can offer you.

Banks get a lot of repeat business through 'customer loyalty.' Many clients will simply go to their bank and sign for a mortgage or renewal document without either negotiating or checking around for a better rate. It gets worse — their posted rate may have a refinance penalty worked in, so even if you got a 'deal,' your options may become even less favourable if you need to refinance.

Want your best rate when it's time to renew? Get a helpful reminder here.

What's the best way to get your lowest rate possible?

Well, that's an easy one. You can absolutely talk to your bank about your rate, but then, check back with us. Or, just talk to us in the first place, because we can often get a better rate from your own bank anyway.

A few minutes with us, at True North Mortgage, may just save you thousands. You may even get a better, more flexible mortgage fit. Our salaried, expert brokers will provide completely unbiased advice, at no cost to you. And, they'll set out all the numbers so that you can make a clear decision.

Apply below, or give us a shout. We're here for your better mortgage choice.