Canada’s best
mortgage rates
Canada’s best
mortgage rates
Get the lowest mortgage rate — guaranteed
Whether you are a first-time buyer or seeking a mortgage renewal, working with a competent mortgage broker can help you secure some of the lowest mortgage rates in Canada. By working with multiple lenders and having an in-depth knowledge of real estate finances, we assist you in finding the best mortgage for your situation. We can help people with bad credit secure lower rates with better terms so they can still find and purchase the home of their dreams. And, best of all, our services are paid for by the lender, not you!
Access the all-time low rate today!
Brokers
Mortgage brokers can offer some of the best mortgage rates in Canada by working with multiple lenders and delivering exclusive mortgage products. They shop around to match you with the best mortgage for your current situation and can pass on volume discounts.
Banks
Banks offer convenient options that are limited to their mortgage products. They may offer discounts on their rates, but you will be responsible for securing them. They are preferable for people who want a consolidated financial platform but may not be as flexible for those with bad credit.
Some of the best mortgage rates in Canada are fixed-rate mortgages, and they are also the more popular option. Almost three-quarters of Canadians choose this type of mortgage because of the stability it brings to their finances. Not only are you protected against prime rate fluctuations, but you can also plan your spending around a dependable monthly mortgage payment. The shorter-term makes these mortgage products more likely to have a higher payment, so it may be worthwhile to increase your down payment before choosing this option.
For those individuals seeking a long-term, stable investment, 5-year fixed-rate mortgages are one of the best options available, especially when they are based on competitive interest rates. Many people also seek out these mortgage rates because they offer a good compromise between cost, flexibility and stability. It’s important to be sure of your finances with these mortgages, however, as you will not be able to refinance them until the renewal deadline comes due in five years’ time.
The term of your mortgage can influence its flexibility, terms and conditions, as well as the interest rates available. Shorter terms are best suited for individuals who are likely to relocate or sell their home at the end of their term, but that is not always the case. Qualification requirements for these mortgages are the same as 5-year terms, which are the typical benchmark. So, it may be worthwhile to choose a longer-term if you’ve already qualified, but this will depend on your current circumstances and the advice you receive from your mortgage broker.
5-year variable rates bring many advantages and may offer some of the lowest mortgage rates in Canada. They are suitable for people who can accept the risk that their interest rate may increase over time and are usually expressed as a plus or minus percentage applied to the prime rate. While they are not as popular as fixed-rate mortgages, they are a great option for individuals who plan to break their mortgage in the short term, such as those looking to upgrade their homes or move.
A home equity line of credit (HELOC) is a type of home equity loan that allows you to use funds as you see fit and repay them at a variable interest rate. They are best used by homeowners engaged with ongoing home improvement projects and those who need more time to pay down their existing debt. For those who qualify, such as people with high credit scores, low debt-to-income ratios and lots of equity, HELOCs offer lower interest rates than home equity or personal loans.
Are you getting the best rate for your mortgage?
The better your credit score, the better able you are to negotiate for a larger mortgage, as it shows lenders that you can handle your finances appropriately.
Down Payment
The amount of capital you start with will help us determine the maximum mortgage you can pre-qualify for and whether or not loan insurance will be required.
Amortization
The payment schedule of your mortgage will affect how much you spend in interest, so it is important to choose an amount that addresses both the principal and interest within a suitable time frame.
Mortgage Type
Fixed-rate mortgages keep your expenses routine, but you may miss out on savings that occur when the prime rate drops. Variable rates take advantage of these fluctuations but also suffer when the rate rises.
Lenders are legally required to send your renewal statement 21 days before the mortgage deadline, but you can begin the renewal process up to 120 days before the deadline. Before renewing your mortgage, be sure to speak with a mortgage broker to ensure you take advantage of any changes in the available products or interest rates.
A down payment is the portion of the purchase price that you pay out of your own pocket. It is usually expressed as a percentage of the total cost to help calculate what mortgage and insurance products are available to you.
There are several ways to pay your mortgage down sooner. Lump-sum payments against the principal, doubling your monthly payments or switching to an accelerated payment schedule are all good options. You may also want to consider a shorter amortization when renewing your mortgage.
