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Why I started this site… 400+ articles later

Facts Myths

I’m often asked why I started this site. It’s simple: I was tired of reading misinformation and twisted truths about mortgage brokering in Canada.

Back in 2009 when I created the site, there were some new blogs reporting on mortgage trends and offering ‘expert’ advice. (I use the term ‘expert’ loosely.) In reality, these sites were full of misinformation. The information was even damaging to the mortgage brokering landscape, in many cases… yet, they were being quoted by our largest newspapers and TV news channels. Wow! How can the major newspapers print this stuff?? It made me angry.

At the same time, there were rate shopping sites being launched. You know the ones… they compare bank, credit union and mortgage broker rates. These sites promised to compare rates, with no strings attached and tell you which provider has the lowest rate. They were supposed to be totally unbiased. They were supposed to be market neutral. Hey, don’t get me wrong, everyone loves to compare, shop and save, right? Comparing is part of being a smart consumer… but there is this huge problem… These sites are NOT unbiased or neutral. These sites are NOT run or owned by independent people.

You would expect a product review site to be neutral and unbiased, right? I mean, it just makes sense. If I want to compare hotels or vacation destinations, I’ll go to a site like TripAdvisor or We can clearly view the best available price and past customer experiences. We wouldn’t expect TripAdvisor or to own the hotels or airlines they were advertising. That would be a conflict of interest.


DID YOU KNOW??? Each of these popular mortgage rate comparison sites is owned by mortgage brokering firms that promote their own mortgage brokering firms! Check it out for yourself. Yup, that’s right! Sure, they list some other mortgage brokerage rates for comparison (some of them even charge other brokers a fee to advertise there), but they almost always list their own firm, too! Hmmm, I wonder why??

It’s like going to Starbucks and asking who makes the best coffee. You’re sure to get just one answer!


So, rather than complain, I took action. I started to share factual info – together with my own personal and professional opinion.

With 28 years of mortgage lending experience, holding senior management positions with some of Canada’s largest banks, I’ve been able establish several high-level industry contacts. (Check out the experience of those involved with rate shopping sites and bloggers to see if they sat in the banker’s decision-making chair or adjudicated any credit… I think you’ll be surprised to see there is a lack of real experience or expertise.)


Over 400 articles later, with thousands of readers and subscribers, you get firsthand info from someone who ONLY works with mortgages. I’m not selling or promoting a rate shopping site, or some other business agenda. I only work with mortgages. My readers are you… consumers who want factual info and a professional opinion.


Fair question. I’ll be the first to admit that I have gained several new clients through this site. I’m always happy to help. I also get the personal satisfaction of correcting misstated facts and half truths. I’ve been able to help thousands of consumers through my articles. I’ve been quoted by major newspapers, TV stations, websites, etc. For this, I am truly humbled.

I have a quote that guides me: “Our prime purpose in this life is to help others. And if you can’t help them, at least don’t hurt them.” Tenzin Gyatso; The 14th Dalai Lama. Maybe others could also try to follow this rule.

Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.

Steve Garganis: 416-224-0114;

Steve Garganis View All

As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.

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