Rate beat guarantee: show us a Big-6 rate. We'll beat it.
Or we pay you $500 — your cash, or your favourite charity.
Bring us a written mortgage rate offer from RBC, TD, Scotiabank, BMO, CIBC, or National Bank. On a comparable product we’ll beat that rate — and on the rare file where a bank genuinely wins like-for-like, we e-transfer you $500 within 5 business days. Prefer to give it away? We’ll donate the $500 to your favourite charity instead. Plain-language terms, no games.
Four steps. One promise.
From submitting your offer to getting beaten — or getting paid.
Email info@mortgagesquad.ca, upload through Maya, or attach during your application. We need a written offer with your name, the rate, term, and product.
Our team shops your file across 100+ lenders to match your offer like-for-like — every term and condition compared apples-to-apples (the exact rules are below).
If we can match-and-beat your offer by at least 1 basis point on a comparable product, we proceed. If we cannot beat it, you receive $500 by Interac e-transfer — or we donate it to your favourite charity, your choice.
Either way you win. Either you funded with us at a better rate than the bank offered, or you keep your bank offer plus $500 — in your pocket or going to a charity you care about.
The exact terms — in plain language.
No hidden traps. Here is everything that qualifies, what counts as a comparable product, and how the $500 is paid — to you, or to your favourite charity.
- A written rate offer or commitment letter from a major Canadian bank — RBC, TD, Scotiabank, BMO, CIBC, or National Bank
- Issued in your name and still valid (dated within the last 30 days and held open by the bank)
- For a mortgage you personally qualify for and are ready to move forward on (complete application + supporting documents)
- Clearly shows the rate, term, rate type, and product so we can compare like-for-like
- Purchase, refinance, renewal, switch, or transfer — all welcome
- Owner-occupied, second home, or rental properties
- Mortgage amount of $100K or more
- Same lender class — a major-bank offer is matched against a major-bank-comparable product (we don't compare a bank rate to a private or alternative-lender rate)
- Same term length — 5-year compared to 5-year, 3-year to 3-year, and so on
- Same rate type — fixed-to-fixed or variable-to-variable
- Same insurability — insured, insurable, and uninsured are each matched to their own class
- Same prepayment privileges, portability, and assumability
- Same amortization and compounding (Canadian standard)
- Same closing window — within 30 days of the closing date on your offer
- Benchmarked on the day you submit, since lender rates move daily — and the matching rate must be one we can source through our lender network that day
- • Sent by Interac e-transfer to the email on file, within 5 business days of our benchmark email confirming we cannot beat your offer
- • Prefer to give it away? Name a registered charity and we’ll donate the $500 there on your behalf instead
- • No claim form, no bureaucracy — we initiate the payment automatically
- • One claim per household per term (you can claim again on your next renewal)
- • Applies to mortgages we arrange as an Ontario-licensed brokerage (FSRA #13737) on Ontario properties
- • Verbal quotes, screenshots, online rate-estimator results, or comparison-site teaser rates — we need a real written offer with your name on it
- • Offers that have expired or are no longer being held open by the bank
- • Promotional, limited-allocation, employee, family, or relationship-priced rates that aren’t generally available to the public
- • Rates that depend on bundling unrelated products — moving your investments, insurance, or deposits — that we can’t replicate
- • Quotes based on incorrect information, or where you don’t actually qualify for the mortgage as offered
- • Specialty or one-off products that fall outside standard A-lender programs
Common questions
Is the $500 really paid out automatically?
Can I send the $500 to charity instead of keeping it?
Does this work on a renewal where I'm still with my bank?
What if my Big-6 offer is already low?
Do I have to use you if you beat the rate?
Is there a fee to submit my offer?
How long does the whole process take?
What if my bank changes their offer after I send it to you?
A homeowner’s Big-6 bank offers a 5-year fixed renewal at an assumed 4.79%. They send the written offer to us, and we benchmark a comparable 5-year fixed product (same insurability, prepayment terms and closing window) at an assumed 4.49%. On a $375,000 balance with 25 years left, that 0.30% gap is roughly $5,400 less interest over the 5-year term.
You have nothing to lose — and up to $500 to gain.
Send us your bank offer right now. Worst case, we e-transfer you $500 in five business days — or donate it to your favourite charity. Best case, you save thousands over the life of your mortgage.