Can You Trust Mortgage Rate Comparison Sites? Here’s What Alberta Homebuyers Need to Know

When you are buying a home or renewing your mortgage, it is tempting to visit a mortgage rate comparison site to “shop” for the lowest rate. These websites often display extremely low numbers and promise quick quotes.

At Canadian Mortgage Professionals, we have worked with clients since 1989, and we know that while comparison sites may look helpful, the rates shown often do not tell the full story. Understanding the limitations of these tools can help you make a better mortgage decision.

The Truth About Mortgage Rate Comparison Websites

1. They are often lead-generation tools

Many mortgage rate comparison sites exist to collect your personal information. Once you fill in your details, they may share them with multiple lenders or brokers. This can lead to numerous phone calls and emails that may not actually result in the rate you hoped to get.

2. Advertised rates are not always available to you

The “best rates” displayed are usually based on ideal conditions, such as a large down payment, perfect credit, and a specific type of property. Your actual rate will depend on your financial situation, employment history, and the property you are purchasing.

3. Missing details can cost you later

Comparison sites rarely explain the full terms and conditions. Things like prepayment penalties, portability, rate hold periods, and lender restrictions are important details that can greatly impact your long-term costs.

4. Rates may not be updated daily

Mortgage rates change frequently. If the site is not updated regularly, you could be looking at outdated information that is no longer available.

Why Work With Canadian Mortgage Professionals Instead

We tailor your mortgage to you

We take time to understand your goals, your comfort level with payments, and your full financial picture. Then we secure a mortgage that truly fits—not just one that looks good in an ad.

We provide the whole picture

We go beyond the rate to explain the full terms, conditions, and potential costs of each option so you can make an informed choice.

We protect your privacy

Your personal information stays with our trusted team. We will never send your details to multiple lenders without your permission.

We have access to many lenders

As an established brokerage, we have strong relationships with multiple lenders. This allows us to shop for competitive rates and favorable terms on your behalf.

FAQs About Mortgage Rate Comparison Sites

Are mortgage rate comparison sites accurate?
They can be a starting point, but they rarely reflect your exact rate and terms. They often show the lowest possible rate without factoring in your personal situation.

Can comparison sites harm my credit score?
If multiple lenders pull your credit after receiving your information, it could temporarily impact your score. Working with a single broker avoids this problem.

What is the biggest advantage of using a broker instead of a comparison site?
A broker works for you, not the lender. They can customize your mortgage and explain the full terms so you are not surprised later.

Take the Smarter Approach

Instead of relying on potentially outdated online rates, start with a conversation. Whether you meet with us in person or online, our team will guide you through your mortgage options with honesty, clarity, and a focus on your best interests.

Since 1989, we have built our reputation on trust, earning hundreds of five-star reviews from clients who value our commitment to service. Let us help you secure not just a great rate, but the right mortgage for your future.

[email protected]
403-509-2434
www.canadianmortgagepro.com
Apply now: www.canadianmortgagepro.com/apply