How Much Is Your Bank Overcharging You?
Enter your bank's rate. See what a broker could save you. Takes 10 seconds.
When you walk into your bank for a mortgage, you're seeing one set of rates from one lender. An independent mortgage broker shops 20+ lenders and puts them in competition for your business. The difference in rate — even 0.10% to 0.25% — translates into real dollars over a five-year term. This calculator shows you exactly what that gap costs.
Enter your mortgage amount, then compare two rates side by side. You'll see the difference in monthly payments, total interest paid over your term, and the 5-year cost of staying with your bank vs. shopping the market. The math is usually eye-opening.
💡 Albertans leave thousands on the table at renewal.
Don't sign what they mail you. Learn about renewal strategy → or call Shawn for a free comparison →
Independent mortgage broker serving Calgary, Okotoks, High River, and Southern Alberta since 1999. My service costs you nothing — lenders pay my fee. You get the comparison. You keep the savings.
Why a Mortgage Broker Almost Always Beats Your Bank
Most Canadians walk into their bank, accept the rate they're offered, and sign. It feels natural — you trust your bank, they know your accounts, and it's convenient. But that convenience typically costs thousands of dollars.
Your Bank Has One Product. A Broker Has 20+.
When you go to TD, you get TD's rates and TD's products. When you go to a mortgage broker, you get rates from many of the banks, plus credit unions, monoline lenders like MCAP, First National, and CMLS, plus alternative lenders for non-traditional situations. Rather than walking into one bank/one shop, with a broker its like you are walking into a mall with a multitude of shops. As your mortgage broker I observe the lenders competing for your business, then presents you with the best option.
How Can Brokers Offer Lower Rates?
Banks set their rates based on their cost of funds, overhead, and profit margin. They also factor in the cost of running branches, paying tellers, and maintaining their brand. Monoline lenders don't have branches — they operate entirely through brokers, which means lower overhead and lower rates. Brokers also fund high volumes, which earns them volume bonuses that translate to better rates for their clients.
It's Free. Seriously.
For most residential mortgages, the broker's service is completely free to the borrower. The lender pays the broker a finder's fee for bringing them the business. You get better rates, more options, and expert guidance — all without paying a cent. The only situations where a broker fee might apply are non-standard deals like private lending, which your broker will disclose upfront.
But My Bank Knows My History...
This is the most common objection — and the least valid. Your bank uses the same credit bureau information that every other lender uses. Having your chequing account there doesn't get you a better rate. In fact, it often makes you complacent. Your bank's first renewal offer is almost always higher than what's available on the open market, precisely because they're counting on you to sign without shopping.
A simple test: Before you sign your bank's renewal offer, call a mortgage broker and ask them to beat it. It takes 15 minutes. If they can't beat it — sign with your bank. If they can — you just saved thousands. There is zero downside to making that call.
Frequently Asked Questions
Is a mortgage broker really free?
For standard residential mortgages, yes — 100% free. The lender pays the broker a referral fee. You pay nothing extra compared to going directly to the lender. In some non-standard situations (private lending, complex deals), there may be a broker fee, which will always be disclosed upfront before you commit.
How much can a broker actually save me?
Typical savings range from 0.25% to 0.75% off what your bank offers. On a $400,000 mortgage, that's $5,000 to $20,000+ in interest savings over a 5-year term. Use the calculator above to see the impact of different rate discounts on your specific mortgage.
Does using a broker affect my credit score?
When a broker submits your application to lenders, it generates a credit inquiry — the same as applying at your bank. Multiple mortgage inquiries within a short period (typically 14-45 days) are treated as a single inquiry by credit bureaus, so shopping around doesn't hurt your score.
Can my bank match a broker's rate?
Sometimes. Banks have internal rate-match policies, and a competing offer from a broker often triggers a better rate from your bank. Either way, you win. The broker's involvement costs you nothing, and it forces your bank to show you their real best rate — not their first offer.
One call. 15 minutes. Shawn will pull real rates from 20+ lenders and tell you exactly how much you could save. If your bank is already the best deal — he'll tell you that too. No games.
📞 Call Shawn — 403-703-6847Serving Calgary, Okotoks, High River & Southern Alberta
Your Local Mortgage Professionals