The numbers, explained
How we compare mortgage rates
A useful rate comparison needs a clear scenario, current evidence and honest cost assumptions. Here is how our catalogue works—and what needs checking before an offer becomes your mortgage.
Where do these rates come from?
Our catalogue contains lender rate records supported by public lender sources or verified lender communications. Open Rate details to see the source type, when it was checked, any available source link and the offer’s conditions. Lender email content and internal brokerage notes remain private.
Public lender sources are scheduled for checks once daily at 6 a.m. Pacific. An individual record’s displayed check time is the useful evidence—not the time you opened the page. A rate hold and an offer’s availability are different: a hold does not keep an expired offer available to a new applicant.
How do rates match my scenario?
The public rate shopper and dashboard use the same matching engine. Purchase price, down payment or equity, transaction, occupancy, province, amortization, rate type, term and other supplied preferences affect the result. Identical scenarios should return the same matching catalogue; changing a preference can change the lenders and products you see.
The search checks basic scenario requirements before applying it. For an owner-occupied purchase below $1.5 million, the general down payment minimum is 5% of the first $500,000 plus 10% of the balance. At $1.5 million or more, at least 20% is required. Rental, refinance and HELOC limits differ. Those checks do not replace income verification, an appraisal or lender underwriting.
Why do we lead with APR?
APR is the comparison figure displayed on a card. When a lender supplies a separate APR, we use it. When the record has only an advertised interest rate, the display says ‘APR · estimate’. That estimate assumes the advertised rate; it does not prove additional costs are zero.
Payments use the contract interest rate. When the contract rate differs from APR, we identify the difference. Unavailable APR is labelled explicitly. Ask for a written disclosure of lender, broker, legal, appraisal and other relevant costs before comparing final offers. An estimated APR is not a substitute for that disclosure.
What is included in the estimated monthly payment?
For amortizing mortgage examples, the estimate includes principal and interest. Fixed-rate examples assume semi-annual compounding; variable-rate examples assume monthly compounding. Confirm the product contract. Where eligible purchase financing needs default insurance, its estimated financed premium is included. A HELOC estimate is interest-only and does not show repayment of principal.
Property tax, heating, home insurance, strata fees, provincial tax on an insurance premium and closing costs are additional. Eligibility, insurer choice, payment frequency and lender conventions can affect the final figure. Use the estimate to compare consistent scenarios, then confirm the lender’s payment schedule.
How are results ordered?
The public shopper orders matching options by lowest available APR, using the contract rate to break a tie. An unavailable APR sorts after available APRs. We display the complete matching results. Cards and list view are two presentations of the same search.
The lowest figure is not automatically the right mortgage. Compare penalty terms, prepayment rights, portability, fees, qualification, closing timing and your plans. Broker compensation and any borrower-paid fees are covered by our pricing and mortgage disclosure process; internal compensation data is not displayed as a rate advantage.
Why can a lender page have no rates?
Lender pages use published reference scenarios for owner-occupied BC mortgages. A lender can have no currently verified offers matching those examples even though it offers mortgages. We say so rather than filling the page with an old or invented rate. Empty rate pages are kept out of the sitemap until verified examples are available.
The catalogue is not every Canadian mortgage product and does not establish a whole-market best rate. National educational comparisons are available, while Pragmatic’s licensed brokerage service and application intake are in British Columbia. Ask a broker to verify availability and terms for your actual property and documents.
Compare the numbers. Then check the fit.
Bring your preferred options to a broker for a review of eligibility, fees and flexibility.