Mortgage Rate Comparison

It's not just about the numbers.

The lowest rate is (obviously) important for saving you money on your mortgage, but how are we different than the banks?

Feb 03, 2016

Are you paying more for convenience and loyalty?

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're charging you for your loyalty?

In fact, banks won't offer you the lowest-possible rate. Even if you 'negotiate' for a better rate than their posted rates, we can get you an even better one (for which you qualify) thanks to our volume discount. Banks offer their rates based on a direct line of access to you from a multi-service platform (i.e. chequing or savings accounts that you may already have with them), and rely on that 'convenience' to get your mortgage business, as well.

Our convenience: Like the Big Banks, True North Mortgage offers as much, if not more convenience. We have store locations across Canada, so that you can just walk in to get your mortgage approval. Or, if you would prefer to do your application entirely online, or discuss it over the phone, we're here for that, too! During our regular hours, your applications and calls are picked up and started within minutes. There are absolutely NO frustrating automated menus to deal with. No matter how you connect with us, you get a real, highly-trained mortgage broker who can quickly zero in on what you need, and show you the numbers and details that will save you time and money.

We earn your loyalty: We don’t charge for your loyalty, we earn it! How? By offering great service — at no cost to you — and by saving you money on your mortgage with great rates and the right mortgage fit. Check out some of our fantastic online reviews from happy clients, who were impressed with their mortgage experience.

How do our mortgage rates compare? Our brokers are unified and salaried (non-commissioned) for truly unbiased advice. That works out to a volume of business that allows us to offer you a rate discount. And, we regularly sacrifice a portion of the commissions lenders pay us, to get your rate even lower.

Here's the breakdown, to show how much you save with our better mortgage rates:

Currently, the majority of Big Banks are offering 5-year fixed rates at 2.99%, while True North Mortgage is offering a rate of 2.44%. (Rates as of February 3, 2016. To see updated rates, check here.)

Let’s take a closer look at the rate difference. Below is the same mortgage set-up for both rates:

5-year fixed term on a $350,000 mortgage, amortized over 25 years

Big Bank Rate

True North Rate

And, here's how much you pay over the 5-year term:

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. It equals over $150 in savings per month!

The next time you're considering your rate options, come to True North Mortgage. You'll find the convenience, customer service and savings you deserve for your best mortgage, ever.