The Original Mortgage Rate Guarantee

Rate Guarantee Program Rules

At True North Mortgage, our whole purpose for living is to be able to offer you a better mortgage at your best-possible rate. It's why we're the original Canadian mortgage brokerage to offer a best-rate guarantee on a similar mortgage that you might get with a competitor.

What does 'similar mortgage' mean? The mortgage must be for a primary home, term and mortgage loan amount with the same or lower closing costs.

Eligibility details

The Guarantee applies to True North Mortgage fixed-rate mortgage applications.

When compared to another lender's Firm Offer (as defined below), our mortgage will have a lower interest rate, or we will either beat the other lender's rate (that you qualify for) or pay you $500.

Our mortgage and the competitor's mortgage must be on a primary residence with the same term, discount points, and loan amount and have the same or lower costs. The Guarantee does not apply to cashback or effective rate offers from competitors. The Guarantee applies to first lien products only, and does not apply to second lien products. As well, the Guarantee only applies to properties within True North Mortgage’s designated lending areas.

How does our rate guarantee work?

You must apply with True North Mortgage first, and qualify for your rate as per recent federal stress test guidelines. You then have seven calendar days to return to us proof of a lower rate (that you also qualify for) on a similar mortgage (same primary property, term, loan amount and same or lower costs) (the "Firm Offer").

To receive the competitive rate adjustment, you must deliver to True North Mortgage the competitive mortgage Good Faith Estimate and proof of product similarity within seven calendar days of the original True North Mortgage application. Competitor Good Faith Estimate and proof of product similarity must be dated the same or no more than seven days later than the original True North Mortgage application. True North Mortgage reserves the right to verify that the other lender's offer is accurate.

If True North Mortgage is unable to provide you with the lower qualifying mortgage rate and you close the loan with the competing lender on the quoted terms, True North Mortgage will pay you $500.

To be eligible for the $500, you must fill out the form below and attach the requested documentation. The documents must be accurate and disclose that the loan closed on the terms and conditions, including the rate lock expiration period, as previously disclosed in the Good Faith Estimate and proof of product similarity.

True North Mortgage, in its sole discretion, will make all determinations of eligibility and qualification for payment of this Guarantee. The Guarantee is subject to revision or revocation by True North Mortgage at any time without notice. True North Mortgage is not responsible for system failures, communication problems or connection and server problems; natural or man-made failed, incomplete or delayed transmissions; technical malfunctions of telephone networks, computer equipment, systems or software or computer time and date stamp mechanisms; or any combination thereof; or other unforeseeable events beyond the control of True North Mortgage.

True North Mortgage's own mortgage rate cannot be considered a competitive rate during the seven-day guarantee period. Lowest Rate Guarantee excludes all subordinated-lien loans.

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