DLC Ideal Mortgage - Mortgage Blog

Is Your Bank Really Giving You the Best Mortgage Deal?

April 10, 2025 | Posted by: Keith Leighton

Is Your Bank Really Giving
You the Best Mortgage Deal?

How to Spot Hidden Costs, Compare Offers
Like a Pro, and Avoid Overpaying Out of Loyalty

INTRODUCTION

You’ve banked with them for years. Your pay gets deposited there, your bills are paid from there, and maybe even your savings are tucked away with them. So when it’s time to get a mortgage, it seems natural to say, “I’ll just go through my bank.”

But here’s the problem:
✅ Loyalty to your bank doesn’t guarantee they’re giving you the best mortgage deal.

In fact, staying loyal without comparing could cost you thousands—sometimes tens of thousands—over the life of your loan.

This short guide is designed to help you ask the right questions, avoid common traps, and make sure your mortgage is working for you—not just your bank.

1. Why Banks Don’t Always Offer You the Best Deal

Even if you’ve been a client for decades, your bank is still a business. Their job is to make money from lending—not necessarily to get you the lowest possible rate.

Here’s what they often don’t tell you:

• They only offer their own products
• They assume most customers won’t shop around
• Their “loyalty perks” rarely match what other lenders offer
• Automated systems—not your history—determine your rate and approval

They’re counting on your trust, familiarity, and convenience to keep you from asking questions. But in most cases, better options exist—you just have to look beyond the bank.

2. Questions to Ask Before Saying Yes to Your Bank’s Offer

Use this quick checklist before accepting any mortgage offer:

✅ Is this the best rate available today—not just from my bank, but across the market?
✅ Are there hidden fees or conditions I haven’t asked about?
✅ Is this a fixed rate or variable—and how does that affect long-term costs?
✅ Have I compared this offer with at least one other lender or broker?
✅ What happens if I need to refinance, break the mortgage, or make changes later?

If you answered “no” or “I’m not sure” to any of these questions, it’s time to shop around.

3. Real-Life Example: Loyalty Almost Cost Them $18,000

Let’s say a couple gets pre-approved through their bank for a 5-year fixed mortgage at 6.65%.

Before signing, they speak to a mortgage broker—who finds them a 6.19% rate through a reputable lender with better prepayment privileges.

On a $500,000 mortgage, that 0.46% difference could save them nearly $18,000 in interest over the term.

Same home. Same borrower profile. Different approach.

4. What Mortgage Brokers Can Offer That Banks Don’t

Mortgage brokers act as your advocate, not the lender’s. We have access to:

• • Multiple lenders (banks, credit unions, monoline lenders, and more)
• • Specialized programs for self-employed, new-to-Canada, or bruised credit clients
• • Competitive rates and flexibility that your bank may not offer
• • A human approach—we look at the full picture, not just your credit score

And yes—our services are free in most residential mortgage cases. We get paid by the lender after your mortgage funds.

5. Compare Your Offer—Side by Side

Use this simple chart to compare your bank’s offer with one from a broker:

6. Ready to See If You Can Do Better?

You’ve got nothing to lose and potentially thousands to gain by comparing your bank’s offer with others in the market.

✅ Send us your bank's mortgage quote
✅ We’ll run a quick comparison using top lenders across the country
✅ You’ll get a clear breakdown—better deal or not, you’ll know for sure

Final Thought
Being loyal to your bank is a habit.
Getting the best mortgage deal is a choice.

Let’s make sure you’re not overpaying out of comfort. You deserve better—and now, you know how to get it.

Let’s Talk
Contact your DLC Ideal Mortgage Broker today!

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