Want the absolute lowest rate and are okay with restrictions like a bona fide clause? We can do that for you, too. But we're transparent about the fine print and what it might mean for your mortgage future.
What rate are you really getting?
The mortgage rate you see may not be the rate you end up with. Here's a deeper look at how advertised rates work — on rate-comparison sites, at big banks, and with us here at True North.
Thinking of buying a home or your renewal is coming up? Looking around for rates can be confusing — and, of course, if you see a great rate, you want it. It could help you save a lot of money over your mortgage term.
Competitive rates are everywhere, which is no truer than right here at True North Mortgage — we've been obsessed with providing clients with their best rates for over 17 years.
But not all advertised rates you see online or with lenders are of the same quality or purpose.
Rate comparison sites and big banks can have a different slant on advertised rates than we do. Here's what you need to know about low rates, posted rates, and the actual rate you may get.
When you see a low rate, consider it a 'range' rather than a singular number. Despite the rate advertised, you may end up with a slightly higher rate due to universal factors that can impact the actual rate you're offered.
You'll notice that a low rate is usually starting 'from,' indicating the low-rate range starts from there up.
Getting the lowest advertised rate you see (with any lender) can depend on:
The idea, however, should be that most good credit clients will be able to get the lowest rate in the range.
A mind-boggling array of mortgage options and rates are available in the mortgage lending space.
All the 'lowest' rates can't possibly be advertised for each scenario that may match a client's unique situation.
So, due to competition between lenders and other 'mortgage' players (like rate-comparison sites), the most popular, lowest-priced, and most-sold mortgage products are typically the rates you see advertised — which tend to be insured mortgages for good credit clients.
They're still a decent benchmark for measuring the current mortgage market and you'll likely still get a deal for the mortgage that suits your needs and details (depending on the source of the rate).
It's important to consider the source of the low advertised rate you see, and what you're getting with that rate to ensure it can genuinely save you money compared to another rate.
Here's that deeper dive we promised:
Sites that show rate comparisons among many lenders may not be the actual rates those lenders offer.
How do you know? Go to the lender's website to see if that same rate offer is being promoted. If it doesn't match, it's a rate that the rate site uses to catch your attention rather than help you save.
(Some of these sites don't even reveal the lender that has the rate, just the rate, hoping you'll click on it.)
Many of these sites offer 'low rates' for 'lead generation,' which pulls you in with an incredible-looking rate and charges the lender for the lead.
But when you fill out their form and eventually get connected to a broker (or lender), you'll find the rate isn't what you thought. Not because your universal details impacted your actual rate offered, but possibly because that rate wasn't 'real' in the first place.
Or, sometimes, these rates are 'ultra-low' because they have restrictions (like a bona fide sale clause) or hidden costs (like monthly interest compounding for a variable rate rather than semi-monthly) that you may not know about until it's too late.
Want the absolute lowest rate and are okay with restrictions like a bona fide clause? We can do that for you, too. But we're transparent about the fine print and what it might mean for your mortgage future.
The major banks advertise their rates differently than we do — they have posted rates and promotional or special rates.
Whereas we advertise our lowest rates to give you your lowest rate for your situation, they keep their rates higher (and sometimes offer cash rebates to entice you, even though you may still pay more in the end).
Part of the reason they need to keep their rates higher is the extra costs they need to cover due to their behemoth size and cumbersome IT systems (compared to an MFC lender like our in-house THINK Financial, which only focuses on mortgages).
Banks get a lot of repeat business through blind customer loyalty. Many clients will simply go to their bank and sign a mortgage or renewal document without either negotiating or checking around for better rates.
Want your best rate when it's time to renew? Get a helpful reminder here.
When we advertise low rates, there's a good chance you can walk away with it.
We believe in transparency. True North Mortgage purposely advertises rates that we feel a good portion of our mortgage applicants will be able to get (because that leads to happy clients).
For the lowest rates to apply, that's typically a good-credit client with the right down payment amount and a reasonable mortgage timeline (for purchasing, renewal, or refinancing).
But if they don't fit in that exact box, our range of low rates means we can still help them find their best-possible rate for their situation, saving them thousands over their terms compared to another rate from another source.
When we promote a very-low rate product, like our short-term fixed Rate Relief™ mortgages (designed to offer a budget break now to hopefully renew into better market rates when they've dropped) — we're very upfront about its conditions and the mortgage client they're best suited for.
And, even though we help you get your best actual rate, there's no cost and no obligation to use our expert brokers.
True North Mortgage is obsessed with providing your best mortgage rate with the right lender and product fit.
For complex mortgage situations that don't always fit the traditional bank mold, we can offer more flexibility and may be able to help with a custom solution. Learn more here.
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. That's why we shop the lenders for you.
A few minutes with us may just save you thousands. You may even get a better mortgage fit with your great rate.
Our salaried (non-commissioned) 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.
Want to know your exact rate? Easily apply now, and we'll quickly help you find out.
Or give us a shout. We're here as your better mortgage choice.
Our rates are 0.20% lower on average compared to everyone else. Prove it? Okay!
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