How to Get the Best Mortgage Rates in Canada: Insider Secrets

The difference between a good and great mortgage rate can save you tens of thousands of dollars over your mortgage term. Here are the insider strategies that mortgage professionals use to secure the best rates for their clients.

Apply during the last week of the month or quarter when lenders are trying to meet targets.

Lenders often offer better rates at month-end to close deals

Brokers have access to wholesale rates and can negotiate on your behalf with multiple lenders.

Brokers often get rates 0.10-0.25% lower than retail

If you have a relationship with your bank, leverage it. Threaten to move all your business elsewhere.

Show competing offers and ask them to match or beat

Most lenders offer 90-120 day rate holds. Use this time to let us shop the market and negotiate better terms for you.

Monitor Bank of Canada announcements and economic indicators to predict rate movements.

1. Check and improve your credit score 6 months before applying

2. Save for the largest down payment possible

3. Get quotes from at least 3-5 different lenders

4. Consider using a mortgage broker for access to wholesale rates

5. Negotiate based on your total banking relationship

Expert strategies to secure the lowest mortgage rates available in Canada. Learn insider tips that could save you thousands over your mortgage term.

Compare the pros and cons of using a mortgage broker versus going directly to a bank.