Article originally sent by email newsletter on August 30, 2025. Rates in article are subject to changes.
When starting out with new clients, the same question pops up, each and every time. “What’s my rate?”. Of course everyone wants to know what their mortgage rate is going to be. It’s totally natural for us to be extra curious here, because frankly, your mortgage is your biggest expense.
Side note – the rate is NOT the main factor that determines how well you’ll do financially, it’s really something else. More on that below, after talking about rates.
I can quote you now on lowest rates that some lenders are offering, but I can’t lock it in or guarantee that rate. Rate specials are reserved only for when mortgage applications go live, meaning, when you have an accepted offer in place with a closing date, or when you’ve determined the date for your refinance to fund. That’s when a lender can see and calculate exactly how much that lending contract is going to make them over time.
The lender is “hedging” their money when giving you the rate on your live deal. Until then, any rate that anyone tells you isn’t in fact guaranteed. It’s just an indication.
So today the rate special is 3.69%, but tomorrow it might be 4.14%. In today’s financial environment, rates are extremely volatile and competitive. Which is why I don’t give any rate guarantees at the pre-approval stage. Any broker or bank that does say they lock in a rate special is leading you on, because they’re in the same boat as myself.
Right now, we have an incredible rate special (more details below) from one of the BIG RED banks. So today it’s the Big red. Tomorrow it might be the big green. It’s my job to find you the best rate when you have that accepted offer in place, or when it’s time for that debt consolidation.
Last year around this time, I was practically begging you to take the variable mortgage rate special offered by the BIG GREEN. It was P-1.00%, on purchases and refinances. So cheap. I was begging you to take it because I knew the deal was going to go away and not be offered again. I was right. Some of you took advantage. Smart. You’re now reaping the benefit of a P-1.00% variable. Variable discounts today range from P-.30% to P-.65%, which is a far cry from P-1.00%. You should have taken my variable when I told you to.
I’m begging you again (for your own good), to take advantage of our current rate special, details below. It’s that good.
For Reference, here’s a link to my blog post from a year ago.
With the uncertainty surrounding our economy, it’s hard to tell if rates are going to go up, or down. My inclination is that rates are still going down, but I don’t know by how much, or how fast it’s going to happen.
So for those that are leaning towards a fixed rate, this rate special from the BIG RED is very VERY good. (Details Below)
This special is leaps and bounds lower than competitors. So much so, that when I emailed another one of my lenders to see if they match, it was a hard no.
I have to remember the institutions that have supported my business over time, and one of those institutions is the BIG RED. At Olympic Mortgage, we’ve done a ton of mortgages for the BIG RED over time, and they’ve generally treated us, and our clients well.
Why do you want to deal with us, if you want this rate special? We have a dedicated underwriter at the BIG RED that manages our business. We have great communication with our underwriter, and she even tells us how to structure things before sending it in. We have a high closing ratio with the BIG RED. We know how to get hard deals approved there.
Think all brokers are created equal when it comes to dealing with lenders, especially the BIG RED? Think again. We are the BIG RED specialists, so if you want this rate special, you really should be talking to us.
Don’t get me wrong. The lower we can get the rate, the better, but really, it’s the property decision that makes the biggest impact on your overall net worth, in the long term. In a buyers market, if you score a property that’s $50 or $100k below assessed, you’ve won yourself an amazing deal. When we slowly move into a hotter market, that same property will sell way above assessed.
You’ve made yourself a couple hundred K just by buying at the right time, being aggressive, and having good strategy. Yes, the rate matters, but the purchase and property value make a bigger impact on your financial future.
I’m getting the calls now. Clients are entering into multiple offer situations, again. Here’s what makes me different than all the juniors out there.
I can give you the go ahead to write unconditionally, and give you the absolute best chance to win the property over other buyers. I’m clear in my guidelines to you, I give you the exact reasons why I’m OK with you going unconditional, and I’m 100% confident when I give you that go ahead.
Remember, I have a 100% closing ratio, on 1000s of buys. Do I need to shout it out? NOT ONE CLIENT OF MINE HAS EVER LOST A DEPOSIT. MY CLIENTS WIN MORE PROPERTIES BECAUSE OF MY ADVICE. That’s a track record I’m proud of. No risk taking with me.
Lately, I’ve changed my tune with rate shoppers and people who just want to use us to get a better deal, from their own bank. I state right at the start that if I think their bank is going to offer a better deal than me, that they should just work with them. I’m not going to waste their time by starting an application that I know will not fund. I won’t waste my time either.
Where I will take my time, is in our initial conversation discussing your situation. I find everything out in about 15 minutes, and by the end of the 15 to 30 minute call, I can determine whether we have a good application to work on and where we can add value. Or not. I don’t win them all, and that’s OK.
Now, even when I do say a client will get a better rate at their bank, some clients insist on working with me. They need my confidence, and they value our extraordinary service.
With this rate special though, I’m confident I’m winning on rate too. Your bank isn’t going to match this one.
So go ahead and call me. It’s not wasting my time and I’m happy to talk. 250.858.7160. Even on weekends!
Signing Off For Now,
David Steinberg, The Big Red Specialist (the one with the rate special)
Owner, Lead Broker
Olympic Mortgage
My Contact: david@olympicmortgages.ca. 250-858-7160
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