Banks versus Monolines make way for a new rate policy.

(check out our weekly for this week’s past deal wins, and please, read on)

Mortgage rates are fluctuating wildly these days. We’re finding that the big banks are starting to compete with the rate-hubs of the world, in the mortgage rate game. This presents a good opportunity for us brokers, but also a bit of an advertising conundrum, too.

Insured versus uninsured lending. Why it’s so important in determining your mortgage rate.

You see, the banks want their share of insured mortgage business, which the mono-line lenders are giving all their best and crazy low rates on. It’s basically “ultra competitive money” for lenders, so it garners lower rates. Banks want (and need) to do insured lending because it takes a weight off of their balance sheet and non-compliant lending portfolios. Basically, the insured lending doesn’t put any weight on their deposits, and in fact, the banks need to do a certain amount of insured lending by government regulations (which is good, it keeps our banking and lending system stronger, as a whole).

If you want to know more about this, and more about how rate pricing really works, jump to this other page I have explaining it in more detail – insured vs uninsured vs non-compliant, whats the dif? 3 levels of AAA lending explained.

It becomes a timing thing.

So, with the big banks throwing their weight into the rate matching game alongside the monoline lenders, it makes it harder for us mortgage brokers to predict exactly what rate you’ll end up with. It becomes a timing thing, because both types of lenders are only throwing in their best rate offer at decisioning time (or when your deal goes live). Your best financing rate is only agreed upon when you’re actively purchasing a property, or have a renewal date coming up.

If the banks are suddenly matching the mono-line lenders WHILE you’re making your final decision, it becomes even hard for us to predict which of our lenders are going to come in lower, because, well, it’s happening in real time.

So where can you find the best rate?

In short, you can find it here, with us. You just have to call us or contact us. It’ll take us 15 minutes to determine what category your lending will fall in. Once we know what category your deal falls in, we can give you a clearer idea as to what rates you should expect. From banks, and mono-line lenders alike.

Whether if you’re in preliminary preapproval stage, or in the actively purchasing or renewing stage, just contact us and setup your 15 minute with David or anyone on the team. You’ll learn a lot in a 15 minute zoom with us. You can book it now, in calendly. 

The Weekly Rate update is a good place to look.

If you’re so curious about the rates, but just don’t want to give us a call, head to our Weekly News page, where we talk about some amazing deals we’ve scored for our clients. We’ll include a little of everything, like, our best variable uninsured rates on a renewal, or, our best 5 year fixed insured rate. We’ll probably let you know of any cashbacks that we did, but those really are the toughest to price out, given the large cashback variable.

There’s lots of other current news and opinion on the real estate market, interest rate news, and financial news in our weekly, too. You can sign-up for the weekly if you’d like to get it right to your email, click here to do that.

We have acccess to lots of lenders, both banks, mono-lines, so you’re covered.

Are we still offering the best rates? Absolutely!

As a good mortgage brokerage should, we have access to both big banks, and the monoline low rate lenders (similar lenders that ratehub uses, for example). So we will make sure that the rate you get on your mortgage is ultra-competitive. Just check our our reviews, our clients are raving about our rates, and our incredible service.

Unique solutions for tougher situations. MIC and private lending available.

Not everyone qualifies with the bank or monoline lenders. Some might have lower income or bruised credit, which can make a regular bank approval impossible.

We have lots of experience in helping people in all types of situations, with the lenders to match. Just below AAA lending on the totem pole of lending, we have alternate lenders, like Equitable Bank and CMLS Aveo. These lenders have looser qualifications as they’re strictly lending from “non compliant” portfolio monies (more expensive cost on the money the bank is lending out). There may be a small fee when you do your deal, and the interest rate will be anywhere from 0.5% to 1.5% higher than AAA pricing, but, you get the mortgage that you need. These lenders specialize in tougher situations, bruised credit, but have some really great solutions. Some offer 35 year amortizations.

There’s lots of different products on the B side, but you have to have a minimum of 20% down, plus funds for your closing costs.

We also have MIC and private lenders, who have almost no income or credit requirements. They are lending more based on the equity you have built into the deal. They just want to see that you have a good exit strategy.  You also need a minimum of 20% down plus your fees,

We’re a small team, in big demand.

Our little brokerage is small but mighty. We choose to stay small because we want to maintain a high standard of customer service, for each and every file. Every client is assured our honest and clear advice, whether your dealing directly with David, or anyone else on our team.

Contact us today and tell us what you need, and we’ll see if we can help.

Read below for some specifics on what types of transactions garner the lowest rates, if you’d like to learn more. And remember, as your Victoria Mortgage Broker, we always make sure you get the lowest rate, for whatever type of mortgage you end up with!

The History:

In late 2016, the rate landscape in Canada shifted dramatically when the Federal Government changed its policies on how Mortgage Default insurance works. Lenders costs on funds for different types of mortgages changed, which as a result, shifted rate offerings on different types of mortgages.

Mortgage rates are now dependent on several main factors:

Your down payment: If your down payment is less than 20% of the total purchase price, you will qualify for the most preferred rates. In some cases, if you have 35% or more down, you may also qualify for preferred rates.

Amortization Period: If your mortgage is amortized over 25 years, then you may qualify for a more preferred rate, versus a 30 year amortization.

Type of Transaction: If you are purchasing, renewing your mortgage (in some cases), and you qualify at 25 years, then you will qualify for more preferred rates. If you are refinancing your mortgage, you will receive the standard rate.

Confused? Check out our Mortgage Glossary page.

Check Out Some of Our Unique Products

Here are some of the unique products we’re offering at this time.


year fixed
year fixed rate


variable rate

Have a questions about a rate? we’re happy to help!