Best Rate Guarantee Disclaimer

We will offer you the lowest fixed rate mortgage on your Canadian residential mortgage. If you find a better fixed rate mortgage rate, we will beat it or give you $200.

The Details

Step 1: You must submit an application with us.

Step 2: You then have 7 calendar days from your original application with us to send us documentation showing that you have received a good faith estimate from a competitor for a lower rate on a similar fixed rate mortgage. Similar fixed rate mortgages must be for the same property, term, loan amount and equal or lower closing costs. Competitor good faith estimate and proof of product similarity must be dated within 7 calendar days or your original application with us.

Step 3: If we are unable to provide you with the lower fixed rate mortgage as detailed above and you complete the loan transaction with the competing lender on the quoted terms, we will pay you $200. You must send us a certified copy of the complete Mortgage Settlement Statement, which must include the fact that the loan has closed on the terms and conditions set out in the good faith estimate and proof of product similarity as detailed above and including the rate lock expiration period.

Q: Where do I send the competing lender’s good faith estimate, proof of product similarity, Mortgage Settlement Report and related documents?

A: All Documents should be emailed to info@mypiggybank.ca. Good faith estimate, proof of product similarity and related documents must be received by us within 7 calendar days of your original application with us.

Q: What is considered a similar fixed rate mortgage?

A: Our mortgage and the competitor’s mortgage must have the same subject property, term, discount points, loan amount and the competing lender’s mortgage must have equal or lower closing costs.

The Terms & Conditions

• A competing lender must be a licensed lender in the jurisdiction of the property.
• Our Best Rate Guarantee applies to first lien products only. It does not apply to second or third lien products.
• Our Best Rate Guarantee applies only to properties within our designated lending areas.
• We have the right to verify any competing lender’s offer for accuracy.
• We will make, in our sole discretion, all determinations of eligibility and qualification for payments made under our Best Rate Guarantee.
• Our Best Rate Guarantee is subject to revision or revocation by us at any time without notice.
• We are not responsible for system failures, communication problems or connection and server problems, natural or man-made, failed, incomplete or
  delayed transmissions, technical malfunctions of telephone networks, computer equipment, system or software, computer time and date stamp mechanism,
  or any combination thereof, or other unforeseeable events beyond our control.
• Any fixed rate mortgages offered by CLN Mortgages or any of its brokers, including Colin Book, cannot be considered to be competitive rates during
  the 7 day Best Rate Guarantee period.
• Our Best Rate Guarantee excludes all adjustable rate and no frills mortgages as well as all subordinated-lien loans.