An eye-opening number of Canadians still approach mortgage shopping like it’s a bake sale run by their grandmother.

According to fresh data from the Financial Services Regulatory Authority of Ontario (FSRAO), nearly half of folks believe banks will treat them fairly — the kind of blind faith usually reserved for seeing-eye dogs and weather apps before a wedding.

1. Rate quotes

Sometimes a mortgage rep will claim they’ve given you their “best” rate. But “best” is a subjective term. Often, it means “best for them.”

2. Pre-approvals

An eager mortgage salesperson, especially an inexperienced one, might tell you you’re pre-approved for $700,000 at a 3.99 per cent interest rate, for example.

3. Mortgage features

There are mortgage advisors who genuinely have your back — the kind who read the fine print before they hand you a pen.

4. Mortgage penalties and fees

Few things in mortgage land are murkier than the real cost of breaking a closed mortgage early.

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