Save Big: Simplify Your Mortgage Search by Comparing Rates - Branko Kovacevic Mortgage Broker Services

Securing the right mortgage is one of the most critical financial decisions you’ll make on the path to homeownership. The mortgage landscape can be overwhelming, with numerous lenders offering different rates and terms. At The Mortgage Centre Canada we believe in simplifying this process to help you unlock significant savings. By comparing mortgage rates, you can secure the best deal tailored to your financial needs. After all, why settle for one lender when you can choose from multiple offers?

Tools and Resources for Comparing Rates

Answer a few questions about your loan preferences to compare mortgage rates from over 50 lenders.

Home Buyer's Gateway
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I am shopping for a home or just curious about the rates.

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I want to renew my mortgage or compare my current lender’s offer.

Refinancing Solutions

I want to refinance to lower my mortgage payments.


Today’s rates starts from

3 year fixed4.99%
5 year fixed4.88%
5 year variable6.20%

*Rate may vary provincially and are subject to change without notice

The Benefits of Comparing Mortgage Rates

Why Compare Mortgage Rates?


Comparing mortgage rates ensures you get the best possible deal. Different lenders offer varying rates and terms, and a thorough comparison can reveal significant savings opportunities.

How Does Mortgage Rate Comparison Work?

This mortgage simplifies service where you can fill out a form and complete a short questionnaire. Once submitted, our system will compare mortgage offers from over 50 lenders and select the lowest mortgage offer that you qualify for in today’s market. This service is completely free and will not impact your credit score—guaranteed. By comparing multiple lenders’ offers, you ensure that you have thoroughly taken the first step in finding the best mortgage for your needs.

Real-World Savings Examples

To exemplify the advantages of comparing mortgage rates, let’s delve into a hypothetical scenario. Savings depend on the offer you have with your bank, but from many years of mortgage broker experience, we assume three scenarios most often happening in practice: an interest rate of 5 basis points reduction.

Here’s a table presenting the savings over a 25-year amortization period on a $400,000 mortgage amount based on interest rate savings.

Interest rate reductionSavings over a 25-year amortization period on a $400,000 mortgage amount based on interest rate savings

Slight Rate Difference

(estimated 5 basis points reduction in interest rate)


Intermediate Rate Difference

(estimated 15 basis points reduction in interest rate)


Considerable Rate Difference

(estimated 45 basis points reduction in interest rate)


Understanding Mortgage Rates

What Are Mortgage Rates?

Mortgage rates are the interest rates charged on a mortgage loan. They determine the amount of interest you’ll pay over the life of the loan, significantly impacting your monthly payments and total loan cost.

Fixed vs. Variable Mortgage Rates

Fixed-Rate Mortgages offer an interest rate that remains constant throughout the loan term. This stability means your monthly payments will stay the same, making budgeting easier. These are ideal for borrowers who prefer predictability.

Variable-Rate Mortgages have interest rates that fluctuate based on the Bank of Canada’s prime rate. While these rates can start lower than fixed rates, they can increase or decrease, affecting your monthly payments. These are suitable for borrowers who can handle some risk and are looking to benefit from potentially lower rates.

Hybrid Mortgages combine fixed and variable rates, offering a balance of stability and potential savings. Part of your mortgage could have a fixed rate, while the other part has a variable rate.

Factors Affecting Mortgage Rates

Credit Score

Your credit score significantly influences the mortgage rate you can secure. Higher credit scores typically qualify for lower rates. Regularly checking and improving your credit score before applying for a mortgage is essential.

Loan Term

The length of your mortgage term can affect the interest rate. Generally, shorter terms come with lower rates but higher monthly payments, while longer terms have higher rates but lower monthly payments.

Down Payment

A larger down payment can reduce the interest rate on your mortgage. Lenders view a substantial down payment as a sign of financial stability, reducing their risk.

Economic Conditions

Interest rates are influenced by the broader economic environment. Factors such as inflation, unemployment rates, and the Bank of Canada’s monetary policy decisions can impact mortgage rates.

Determining a Fair Mortgage Rate

Using the Government Bond Rate as a Benchmark

To determine if your mortgage rate is fair, compare it to the 5-year government bond rate. Investors can choose between risk-free government bonds and investing in securitized mortgages, seeking additional yield for the risk involved. Historically, this additional yield in Canada has averaged around 1.52% over the past 15 years.

Example Calculation of a Fair Mortgage Rate

To calculate a fair mortgage rate, use the following formula: Fair Mortgage Rate = 5-Year Government Bond Rate + 1.52%

For example, if the current 5-year government bond yield is 3.658%, the fair 5-year fixed mortgage rate would be approximately 5.210%.

Steps to Compare Mortgage Interest Rates

Research and Gather Information

Start by researching current mortgage rates from various lenders. Use online tools and resources to get an overview of the prevailing rates.

Utilize Mortgage Comparison Tools

Use our online platforms to compare mortgage rates from different lenders. These tools provide side-by-side comparisons, helping you see which lender offers the best rates and terms for your needs.

Consider Pre-Approval Offers

Getting pre-approved for a mortgage can give you a clear picture of the rates you qualify for. Compare these pre-approval offers carefully, focusing on both the interest rates and the terms of the loan.

Evaluate the Total Cost

When comparing rates, consider the total cost of the mortgage, not just the interest rate. Look at the annual percentage rate (APR), which includes the interest rate and other fees associated with the loan.

Securing the Best Mortgage Deal

Tips for Negotiating with Lenders

Negotiating with lenders can help you secure better terms. Highlight your creditworthiness and financial stability to negotiate lower rates and better terms.

Importance of Pre-Approval

Getting pre-approved for a mortgage gives you leverage when negotiating with sellers and lenders. It shows that you are a serious buyer with a secure financial standing.

Common Mistakes to Avoid

Not Comparing Enough Lenders

Failing to compare rates from multiple lenders can result in missing out on better deals. Ensure you explore various options to find the best rate.

Overlooking Additional Fees

Besides the interest rate, consider additional fees associated with the mortgage. These can include origination fees, closing costs, and other charges that impact the total loan cost.

Ignoring the Loan Terms

Focus not only on the interest rate but also on the loan terms. Understand the repayment period, prepayment penalties, and other conditions that can affect your financial situation.


Comparing mortgage rates is a crucial step in securing the best deal for your home. By using available tools and resources, you can simplify the mortgage search process and unlock substantial savings. Take the time to research, compare, and negotiate to ensure you find a mortgage that fits your financial needs perfectly.


Is using the comparison tool free? Yes, our comparison tool is completely free to use. You can access personalized mortgage offers without any charges or obligations.

Will using the comparison tool affect my credit score? No, using our comparison tool will not affect your credit score. We prioritize protecting your privacy and do not perform credit inquiries.

How many lenders can I compare rates from? You can compare rates from over 50 lenders through our comparison tool, ensuring your options are thoroughly explored.

What is the best type of mortgage for me? The best type of mortgage depends on your financial situation and preferences. Fixed-rate mortgages offer stability, while variable-rate mortgages can provide potential savings. Hybrid mortgages offer a mix of both.

How often should I check mortgage rates? It’s a good idea to check mortgage rates regularly, especially if you’re planning to buy a home soon. Rates can fluctuate, and staying informed can help you secure the best deal

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