Mortgage Rates | Mortgages | Discussion forum

The rates offered by True North are designed to help people qualify if they are struggling to meet income requirements. This rate will go up after 6 months. Of course you can change the mortgage provider after 6 months but you would have to qualify. And True North would impose a penalty if you do that.

Might be ok in your circumstances but make sure you don’t just plan for the 6 months.

I agree with what has been said. Don't just go by the rate. I suggest speaking to a few mortgage brokers and institutional lenders to get a feel for how this market works: listen carefully and ask questions.
The lowest rates are most likely to have a catch - whether it's the exit fee, credit report on you, your income, or whatever, these things can all change that rate and who is willing to lend to you.
Ask for a quote for your particular situation. Try to get that all lined up before you buy, and note how long the rate is guaranteed for (in writing).

I would recommend that you NOT plan to change lenders down the road. It's a pain in the neck. Sometimes it may be necessary, but try to choose a lender you think you can stick with. I have none to recommend as I haven't had a mortgage for a long time. Nowadays I'd consult a broker though.

Be aware that rates can and usually should be negotiated, particularly if you're a desirable borrower. I wish I'd known that way back when!

Line up your best 2 or 3 solid offers from lenders and ask them to compete favourably with the other guys' offers; always be polite and fair about it.

Their in-house lender is THINK Financial. THINK Financial is not exclusive to True North Mortgage either:

We currently underwrite more than a billion dollars of mortgages a year. THINK Financial products are available exclusively through a very limited number of mortgage brokerages, starting with True North Mortgage.