“I just want the lowest rate. That’s the most important thing… right?”
Totally fair question. Rates matter. Of course they do. But after more than 20 years in this business, I can confidently say this:
Getting you a great rate is always a top priority. It’s a core part of what we do.
But I’ve also learned that the lowest rate alone doesn’t automatically mean the best mortgage. The best mortgage is the one that supports your whole life — not just this year.
So let’s slow it down and talk through a few things that don’t always get explained clearly.
Why Mortgage Brokers Even Exist in Canada
Here’s the simple version:
Brokers work with many lenders — banks, lenders and alternative lenders — which creates competition. And competition is good for consumers.
When you choose to work with a mortgage broker, you’re not just choosing a person — you’re supporting a system that was built to protect consumers. The mortgage broker channel exists because choice matters.
If only the big national banks offered mortgages, Canadians would have fewer options, less flexibility, and very little negotiating power.
And that competition benefits you:
- It helps keep pricing sharper.
- It creates more product options.
- It gives you somewhere to turn besides just one institution.
So, in a very real way, supporting the mortgage broker channel helps ensure competition stays strong — and that’s good for Canadian homeowners.
Think of a broker as someone who can see the whole mortgage landscape, not just what’s inside one building.
The “My Bank Says They’ll Match Any Rate” Scenario
I hear this one a lot:
“My bank told me to shop around, bring them the lowest rate, and they’ll match it.”
At first glance, that sounds helpful. But here’s the gentle, honest question:
If your bank already has your mortgage…
If you’ve been paying on time…
If you’re a loyal client…
Why didn’t they offer their best rate to begin with?
Another version of this I see:
Someone emails a broker their renewal offer and says:
“Here’s what my bank offered. Give me your best rate so I can take it back to them and have them match it.”
I get the intention. But that turns the broker into a rate-shopping tool — and that’s not what our role is meant to be. A mortgage broker’s job isn’t just to find a number.
Our job is to:
- Look at your full financial picture
- Compare multiple lenders and products
- Explain pros and cons
- Talk through future plans
- Build a strategy for your next term
Rate is part of that conversation. It’s not the entire conversation.
Let’s Talk About “Best Rate” vs “Best Mortgage”
Two mortgages can look identical on the surface and behave very differently behind the scenes.
For example:
- One mortgage comes with heavy penalties if you ever need to break it early — another is far more forgiving
- One offers simple, straightforward portability if you move — another may not allow it at all
- One makes it easy to increase payments or pay extra — another has very limited prepayment options
- One is simple to refinance later — another can quietly restrict future options
Same rate. Very different experiences. And that’s why the details matter.
These are only a few of the fine details we are looking at when reviewing your application and lender options. A super low rate with tight restrictions can end up costing more than a slightly higher rate with better flexibility.
So when someone says, “I got the lowest rate,” my next question is always:
“Great. But what are the terms?”
Because that’s where the real story lives. It’s also where servicing and after-care come into play.
Here’s a simple, real-world example:
No matter which bank you’re with, if mortgage rates drop mid-term, your lender is not going to proactively call you to say, “Hey, rates have come down — let’s see if we can lower your rate or restructure your mortgage.”
That’s not how the system works.
Over the years, when we’ve seen major shifts in the market, our team has proactively reviewed client files, reached out, and explored options when it made sense — sometimes restructuring mortgages, sometimes adjusting strategy, sometimes planning for the next move.
That kind of monitoring doesn’t happen automatically.
It happens when you’re working with a professional whose role is to keep an eye on the bigger picture, not just hold the mortgage.
For many homeowners, that ongoing guidance ends up being just as valuable as the rate itself.
Renewal Time Is More Than Signing a New Rate
Most people think renewal is just paperwork. In reality, renewal time is a financial check-in.
It’s a chance to ask:
Has your income changed?
Has your family changed?
Do you carry high-interest debt?
Are renovations on the horizon?
Are you planning to move in a few years?
Especially in Saskatchewan and Alberta, many homeowners have seen strong increases in home values over the last few years. That means a lot of people are sitting on more equity than they realize.
Sometimes, that equity can be used strategically to clean up higher-interest debt like:
- Credit cards
- Lines of credit
- Car loans
- Other personal loans
Not to overspend. Not to “cash out” for lifestyle. But to simplify, lower interest costs, and improve monthly cash flow.
That kind of planning can be life-changing over time.
“I’m Renewing with My Bank, But I Still Want You to Monitor Market conditions for me directly”
I hear this often, and I truly appreciate the trust behind it. It’s a real compliment. Here’s the honest reality: if you renew directly with your bank, they become the ones responsible for servicing your mortgage.
They control:
- The product
- The future options
- The renewal terms
- The ongoing advice
Mortgage brokers can’t actively manage, monitor, or strategize around mortgages we didn’t place.
We focus our time and energy on clients who choose to work with us for the full relationship.
If you’re trusting your bank with the renewal, it’s fair to expect them to also provide the guidance and follow-up you’ve come to expect from a professional.
What a Good Mortgage Broker Relationship Feels Like
It should feel like:
- You’re not rushed
- You understand your options
- Someone is thinking ahead for you
- You know what you’re signing
- You feel calmer after the conversation — not more stressed
It’s not about transactions. It’s about long-term guidance.
A New Way to Think About Your Mortgage
The most financially successful homeowners I’ve worked with don’t chase headlines.
They focus on:
- Stability
- Flexibility
- Smart structure
- Long-term thinking
And over time, that approach quietly wins.
Why This Matters / What To Do Next
If your mortgage is up for renewal in the next 6–12 months, start the conversation early.
Ask questions. Get curious. Understand your options.
You don’t need to know everything. That’s what professionals are for.
A good mortgage strategy isn’t about beating the system. It’s about feeling confident in the decisions you’re making. And that confidence is worth a lot more than a fraction of a percent.
MORTGAGES. SIMPLIFIED.
