Mortgage

Secret Shop Guide

Objectives of This Research Study 2

Important Steps to Ensure Success 4
Your Secret Shop Profile 5
Prompts 8
Strategies for Success 9
Overcoming Obstacles 10
Proof of Visit 11

DALBAR
Objective of This
Research Study
This Secret Shop is focused on
understanding what the lowest possible
mortgage rates are across the country,
and across a variety of mortgage terms.
Your feedback is important to us, and
will assist us with establishing the
lowest rates for the current time period.

Key information to be gathered in this

research study include:

• The lowest negotiated rates for a

variety of mortgage terms,
amortization periods and down
payment options
• Any cash incentive offers
• Responses to a willingness to match
rates offered by other firms &
restrictions
• Willingness to cover legal (notary) fees

It is imperative that you speak with a

person from the bank that is
authorized to negotiate mortgage
rates.

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Objective of This
Research Study
• To complete a SUCCESSFUL Secret Shop
it is important to read these instructions
in full.
• You must establish a solid
understanding of the requirements and
be completely clear about all the
aspects of this Secret Shop.
• You are required to interact with a
qualified branch staff member to
complete a successful shop. This
excludes greeters and tellers.
• Be sure to approach your Secret Shop
as a unique experience, discarding any
previous good or bad experiences you
may have had with the bank.
• You must follow ALL the instructions in
order for your Secret Shop to be
accepted.
• Do provide complete comment blocks
Please be sure to to provide additional insights and avoid
wear a mask for your additional follow-up from your Research
own protection and Scheduler.
in accordance with
COVID safety • You are acting undercover. Never say
protocols in public you are a Secret Shopper, take photos
places. in a branch, or associate yourself with
DALBAR.

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Important Steps to
Ensure Success
Branch vs Mobile
Determine if your assignment is Branch or Mobile.

For a branch interaction, you will drop into branch

to meet with a branch representative to discuss
your mortgage needs.

For a mobile interaction, you will locate a

mortgage specialist on the bank's website and
make contact directly to schedule an
appointment. It cannot be arranged through the
branch network.

Posted Mortgage Rates

Go online and familiarize yourself with the bank’s
Posted Rates. These are the published rates,
which will be the start of your rate negotiations.

Negotiating Very Best Rates

Use prompts and negotiating techniques
(discussed further in this document and in
shopper training) to receive very best rates.

Complete Survey
After mortgage meeting, please complete the
survey with information gathered and genuine
impressions.

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Your Secret Shop Profile
You are to interact with mortgage representative to
request mortgage rates for:
• 2-, 3-, 4-, 5-year fixed, 5-year variable
• 5-year fixed w/ 30-year
• 5-year variable w/30-year
• 5-year fixed with less than 20% down payment.

Following are scripted questions to guide your

interaction:

"I’m planning to purchase a home in the next 90 days. I’m

looking for different options, so can you provide your best
rate on a 2-, 3-, 4-, 5-year fixed? How about your 5-year
variable closed mortgage? How about 5-year variable with
30-year amortization? How about 5-year fixed with 30-year
amortization? or with less than 20% down payment?"

Ask if they cover legal (notary) fees (see form for additional
questions to ask).

5
Your Secret Shop Profile
Following are responses to common questions
encountered completing this secret shop:

Q: Time frame of purchase?

A: Your purchase will be in the next 90 days.

Q: What is your employment status?

A: Full-time salaried.

Q: What is the source for your down payment?

A: Sources for my down payment include: personal
savings, RRSP/TFSA, gift from family member, wedding
gifts (whatever you feel would be reasonable)

Q: What is your down payment amount / amortization

length?
A: I will put down over 20%, and interested in 25 year
amortization*

* This is a conventional mortgage

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Your Secret Shop Profile
Questions about your profile are location dependent, and outlined in
the table below. Use these amounts, for your respective area, in your
negotiations.

Home Down Mortgage Household

Location
purchase payment request income
Toronto/
$950K $200K $750K $250K
Vancouver
Montreal/
$600K $120K $480K $150K
Calgary

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Prompts
If the branch representative does not share, please be sure to ask for
the following required information:

• “Are there any special promotions?”

• “Will you match cash incentives at other firms?”

• “What (if any) cash incentives are offered?”

• “Are there restrictions or requirements?”

• Is there any impact on the best rates they provided you?

Examples of some recent offers for qualified clients

Location Cash back offer Mortgage loan value
$2,500 $750K+
$2,000 $500K to $749K
CIBC
$1,200 $300K to $499K
$1,000 $100K to $299K
$2,000 $500K to $749K
TD $1,000 $200K to $499K
$500 $150K to $199K

8
Strategies for Success
Larger branch locations, like the ones you would find at
major city intersections or Smart Centres often offer
better availability without an appointment.
Confirm that the location you have selected is open.

Present yourself as someone with a time constraint.

Book an appointment.

Be clear that you just want information about rates.

Review the bank’s posted rates before your meeting.

Be prepared to negotiate the best possible rate for ALL

the terms.

You will be asked to attach a business card.

All notes you take, and documents/notations shared with
you, should be attached at the end of the survey.

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Overcoming Obstacles
No availability

Bank representative:
“There is no one that can meet with you now.”

Respond with:
• “I just need 5-10 minutes.”
• “I just need information about your mortgage.”
• “I’m not going to fill out an application.”
• “I’m on my way across the street to (name appropriate
bank) right after this.”

Anyone other than a teller or greeter, can give you the

information you need.

Require a profile or application

Bank representative:
“We need to fill out a profile or an application to give you the
best rates.”

Respond with:
• “I don’t have time for that now.”
• “I’m visiting different banks to find the best rate.”
• “I’m going to be making a move soon, and will put in a full
application when I’ve decided who to go with.”

10
Proof of Visit
Please take a picture of the exterior entrance of the bank
to confirm your attendance at the correct location.

Ensure that you have location services activated with

access for your camera.

You will be required to upload this photo to complete the

survey.

Every Research Report you submit is scrutinized and,

when in doubt, the reports are cross-checked. We will be
using appropriate technology to verify your activity.
Fraudulent reports are not tolerated.

Failure to fulfill requirements will result in automatic

rejection and non-payment.

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