How to Get the Best Mortgage Rates


Hello! How’s your mortgage hunt going? If you’re struggling to get a hold of the best possible rates, know that the struggle is real for many – especially those without the right connections and market insights. While I can easily provide both and take a load off your shoulders, there’s never any harm in learning more about getting a mortgage in Canada. Today, let’s go over all the ways you can try to snag the best mortgage rates. Who knows? Maybe we can get you across the threshold and into your dream home even sooner than expected. 


Of course, to even get this far, you should already be preapproved for a mortgage. The quoted amount will be the maximum you can get – think of it as the bank saying, “hey, we’re comfortable with giving you this much but that’s all.” The letter detailing the pre approval amount will factor in details such as condo fees and whatnot, but the most important figure here in addition to your monthly is the interest rate. Lenders adjust this depending on the market climate and other factors, so don’t be afraid to say no and wait or go elsewhere if you find it too high.

Closing Costs

Next, have you thought of fees tied to services such as home inspections and any necessary renovations, even changing the locks? What about insurance, taxes, and any utility fees? If you’re not careful, these can balloon and make the current interest rate you were excited about seem like not as good of a deal. I’ve had clients come to me who had previously thought they had the best price overall until the sticker shock set in. Why? They’d forgotten a slew of fees that are simply par for the course of owning a home. These aren’t always high, naturally, but in order to determine whether your rate is ideal for your budget, you’ve got to understand the complete cost of the property. Is it actually sensible in the long term with the current rate, factoring in all these little extra expenses? It can be, if you’re careful, so don’t be afraid to hesitate and crunch those numbers – because you can’t hit refresh and start over later!

Time it Right

It’s no big secret that a certain global health crisis we’re all fed up with has shaken up the housing market. In the mad dash to get out of dodge, many folks have snapped up homes in peaceful, quieter and – most importantly – less-populous areas. But that doesn’t mean every single home out there is sold at an exorbitant price with sky-high rates – otherwise, we brokers would be out of work too! The number-one trick is to develop a deeper understanding of not only the current rates but also how they’re trending. It’s similar to gauging the stock market, but you’ll be able to eliminate a lot of the guesswork by brushing up on your knowledge of any good or bad news in relation to the housing market. If you’d like a hand with this, I’m happy to share what I know, so don’t be afraid to get in touch!

Let’s Go Shopping (Advertised vs. Discretionary Rates)

The mall may be closed, but who says there aren’t multiple mortgage lenders vying for new clients? Through my long standing relationships with many of the most prominent ones in Canada, it’s clear to me that each lender can offer something a little different. A little extra incentive. The tipping point that may draw you over to their corner, so to speak. These are known as advertised rates – the shiny “ooh” promos that get you in the door and plunk down your signature. But what if you could potentially get an even better rate?

Turns out, you can. I can make it happen! Be sure to browse around, get a feel for the different mortgages available to you, and then work with an experienced broker to negotiate the best possible discretionary rates from them – special deals through established and good connections with the lender in question. Together, we can score a great price on your future home – the good kind of “retail therapy!”

These are just a few ways you can try to figure out the ideal mortgage rate for your short and long-term budget. Getting preapproved for a solid amount and a great rate is lovely, but it doesn’t always happen. If you’d like a hand in determining the best path forward, or if you’re eager to see what discretionary rates I can wrangle together, I’m happy to help! Book an appointment online so we can discuss your mortgage plans together, or use my handy-dandy mortgage application calculator tool to figure out your figures.

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About Andrew Thake

Andrew Thake is a seasoned mortgage broker with over 15 years of industry experience. He’s assisted more than 2,200 clients in finding their ideal mortgage solutions. Recognized for his excellence, Andrew has received high honours and awards, including the National Rookie of the Year from TD Canada Trust and recognition as a Top 10 Ottawa Mortgage Broker in 2023. He has also been inducted into the Hall of Fame at Dominion Lending Centres and has consistently received their Platinum Award during his tenure as a mortgage broker.

Andrew’s dedication lies in serving his clients and prioritizing their needs with an empathetic approach. Throughout the application process, he provides tailored, informed, and efficient services to ensure the best mortgage solutions for his client’s unique circumstances. The best part of Andrew’s job is when he gets to see the joy on his clients’ faces following their mortgage approval.

Why not make your mortgage experience a comfortable one?

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