How to Compare Mortgage
Renewal Rates from Multiple Lenders
Rate shopping isn't just about finding the lowest number. Here's how to compare the full cost of each offer — so you choose the right mortgage, not just the cheapest-looking one.
Calculate My SavingsWhy a Lower Rate Isn't Always Better
A mortgage with a 4.69% rate and restricted prepayment privileges can cost more over a 5-year term than a 4.79% rate with full flexibility. Before comparing quotes, understand the full picture.
Interest Rate
The most obvious, but not the only factor. Compare apples to apples: fixed vs fixed, same term length.
Prepayment Privileges
Most lenders allow 10–20% annual lump-sum payments. A lower-rate mortgage with 10% vs a slightly higher rate with 20% can cost more over 5 years if you plan to prepay.
Portability
Can you take the mortgage with you if you move? Lack of portability means breaking the mortgage (penalty) when you sell.
Penalties (if breaking early)
Fixed-rate penalties using IRD can be catastrophic. Variable-rate penalties are typically 3 months' interest. Know the clause before signing.
Collateral vs Standard Charge
Collateral charges are harder to transfer between lenders at renewal. Some "low rate" mortgages come with collateral charges — locking you in.
Lender Reputation
Monoline lenders often have better rates but no physical branches. Understand who you're dealing with before committing.
Red Flags in Renewal Offers
- Rate looks dramatically lower than all other quotes (usually means restrictions elsewhere)
- Posted rate with no mention of actual qualifying rate
- Collateral charge registration — switching lenders at renewal will cost extra legal fees
- Prepayment privileges of less than 10% annually
- No portability clause (especially if you might move)
The Broker Advantage
Deane doesn't just compare rates — he compares the total cost of ownership across 50+ lenders simultaneously. He factors in penalties, portability, prepayment privileges, and term structure to recommend the genuinely best option for your situation.
Get Rate Quotes50+
Lenders Accessed
Banks, credit unions, monolines
0.15–0.4%
Typical Rate Advantage
vs your bank's offer
$3K–$8K
Typical 5-Year Savings
On a $400K mortgage
Get Rate Quotes from 50+ Lenders
Deane shops the full market simultaneously. No obligation, no cost.
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Compare Rates — Not Just Numbers
Deane evaluates every term and condition across 50+ lenders so you get the genuinely best deal.