Two Thirds of Mortgage Shoppers Would Sacrifice Traditional Mortgage Advice for a Lower Rate

While 72 percent of Canadian mortgage shoppers get mortgage advice in person, a majority would opt for a fully online mortgage to save money, according to a new survey by

Almost one in five mortgage shoppers say they’d be “happy to get a mortgage without talking to people on the phone or in person.” But, an additional 45 percent would consider it, if it meant getting a lower interest rate. For this 45 percent, the rate savings would have to be at least 0.05 to 0.20 percentage points to sway them away from lenders who employ in-person or phone advisors. (A rate that’s 0.20 percentage points lower saves you about $195 a year per $100,000 of the mortgage.)

“Just as we saw with online stock brokerages a few decades ago, a growing segment of borrowers is willing to make their own mortgage decisions online without a banker’s advice,” said Rob McLister, Mortgage Editor at

Canadian mortgage shoppers also care less about a lender’s brand name when a great rate is at stake. Fewer than one-quarter (23 percent) say the lender brand is important when shopping for a mortgage.

For most mortgage shoppers, getting the best rate surpasses all other considerations by a large margin. Three out of four (75 percent) say getting a low rate is an important factor when choosing a mortgage, with 47 percent of respondents citing it as their number one mortgage goal.

Interestingly, only 19 percent said the lowest overall borrowing cost is their main goal, followed by 14 percent citing clear communication of mortgage terms and conditions.

“The lowest total borrowing cost, which includes interest, fees and penalties, always matters more than the lowest rate,” said McLister. “But people continue to mistakenly associate the lowest rate with the greatest savings.” recommends a four-step method to minimize borrowing costs:


Research and get advice on the optimal mortgage term given your specific five-year plan


Compare the lowest rates for that term on a rate comparison website (pay attention to the fine print in the rate details)


Call the lender or mortgage broker advertising the rate and ask them to outline all significant restrictions and features of the rate (including things like the prepayment penalty calculation method, the time you’re given to port the mortgage to a new property and whether you can borrow more money before maturity with no penalty).


Pick the best overall value based on this research.

For more on the survey findings, visit

About the survey
The survey was conducted by Leger Marketing, which surveyed 1,526 Canadians. Approximately 41% (633 respondents) were mortgage shoppers, defined as those who either have a mortgage or are planning to get a mortgage in the next six months. The findings above reflect the opinions of mortgage shoppers only. This online survey was commissioned by and completed between December 13 and 16, 2019. The sample is weighted by age, gender, income and is represented by region. The margin of error for this study was +/-3.9%, 19 times out of 20.

About is Canada’s one-stop-shop for the best rates on insurance and money products. publishes rates from 30+ insurance providers so that shoppers can find the best rates for themselves. Use the site to find the best rates for auto, home and travel insurance, mortgages, and credit cards. Headquartered in Toronto, Ontario, is located at 360 Adelaide Street West, Suite 100, Toronto, ON, M5V 1R


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