Getting a coffee at the lowest price is usually not going to give us a coffee that meets our needs. We want quality beans, flavour, extra features like a shot of caramel, maybe make it a macchiato, froth on the top, an alternative milk option, and the list goes on.
The same goes for mortgages. Lowest rate mortgages may come with a lack of portability (moving the mortgage from one property to another upon the sale of a home), the inability to make extra payments, and you may be locked into a good rate today without the flexibility for better rates in the future. They may be the lowest rate without the lowest monthly payment amount, they may be for term lengths that are too long and have significant penalties when the mortgage needs to be broken.
The lowest rate mortgage may be a collateral charge mortgage that allows a bank to foreclose on your property because you were delinquent on your credit card payments. The 4 strategic priorities that every mortgage needs to balance are: low risk, low cost, a payment that makes sense and maximum flexibility
The next time you apply for a mortgage, try not to fixate on the best rate but ask how you can get the best mortgage that meets your needs.