RateSupermarket.ca was founded to provide transparency to a very complex mortgage industry. We are constantly working hard with our lender and broker partners to provide as much detailed information as possible in our Canadian mortgage rate comparison searches over and above the latest, update rate information. This includes further details such as prepayment privileges, portability, assumability and other options that are also important in determining which mortgage product is right for your own situation.

We are pleased to announce the latest update we’ve developed and released on the site is the “Details & offers” section in the mortgage rates search results as shown below:

Details & offers

The idea here is for our partners to include any specific details and special offers that are available for the mortgage rate their listing with us. Examples of details that can appear are:

• Quick closes – if the rate listed is a discounted special with a specific closing date needed (ie. within 30 days)
• Prepayment details – which outlines the amount stated in a percentage (%) that you can can prepay ahead of schedule without penalty both monthly and annually
• Usually stated as 20%/20% with the 1st term for monthly prepayments and the 2nd for annual prepayments
• So 20/20 or 20%/20% means you can over pay 20% of the mortgage over and above your monthly and annual payments respectively
• Special offers – such as free appraisals, if any closing costs are covered by the lender or broker and so on

We have also included the “Details & Offers” information on the best mortgage rates page, to help you see what is included with the best products on offer.

We hope you find this information useful and we will keep you updated as we add more features to try and make our comparison results as detailed and accurate as possible.

Happy mortgage shopping.

Kelvin