Bank Mortgage Rates

When looking for the best mortgage rates in Canada, you may come across several banks that advertise the best mortgage rates in Canada. This is not accurate. Here is what the big banks are really offering:

Bank mortgage rates are always higher, sometimes up to 1.50% higher.
Bank rate specials often expire in 30 days or less.
Special rate offers can be withdrawn without notice.
Bank mortgage rates usually have some hidden cost to them or the effective interest rate isn’t really as advertised.
Bank mortgage rates must be qualified using a much higher interest rate, which means that you may qualify for a new mortgage but the mortgage amount will be far less than you can get through a mortgage broker offering the best rates in Canada.

Special Rate Offers

Usually, the banks have some sort of “special deal” but it is only for one specific product and the rest of the products are way overpriced. This means that even if you don’t want the “special product” they are offering, you are pretty much forced to take it. There is no point in actually taking any other term they offer unless you enjoy paying too much for something. This is how banks operate. Do you really want to be a victim to that treatment?

Bank Mortgage Rates are not always the best!

Banks like to say they have the best mortgage rates in Canada but if you are lucky enough to actually receive a competitive rate from them, it is usually after weeks of negotiation and stress. Who needs that? Canadian mortgage brokers cut to the chase and provide the best possible mortgage rates up-front and for free.

Please do not waste your time talking to banks. They will independantly check your credit, offer you higher interest rates and delay the process. You deserve better. Qualified mortgage brokers can offer more options, expert advice at a much lower rate.

Bank Mortgage Rates verses CanEquity's Best Rate
Term	Posted Rate**	Special Rate¹	Our Best Rate²
6 Month	4.45%	4.05%	3.95%
1 Year	3.50%	3.20%	2.89%
2 Year	3.85%	NA	3.09%
3 Year	4.05%	NA	3.19%
4 Year	4.79%	NA	3.25%
5 Year	5.29%	4.24%	3.19%
7 Year	6.35%	5.05%	3.99%
10 Year	6.75%	5.45%	3.84%
25 Year	8.75%	NA	7.85%
** Bank posted RBC mortgage rates (closed). ¹ RBC Special Offers. ² CanEquity discounted best rate mortgage.

Banks do more than just mortgages

Banks like to sell you everything else under the sun when you apply for a mortgage through them. Mortgage brokers offer only what you have requested. The only other offering you receive from a mortgage broker is protection on that mortgage in case of death and that is never forced on you. Mortgage brokers in Canada don’t push RRSP loans, investment products, credit cards, chequing or saving accounts on a mortgage client. It is coercive and we don’t believe in it.