Current best overall mortgage rates
| TERM | Insured Rates | Uninsured rates | ||
|---|---|---|---|---|
| 1 Year Fixed | 2.19 | 2.89 | GET THIS RATE | |
| 2 Year Fixed | 1.99 | 2.29 | GET THIS RATE | |
| 3 Year Fixed | 2.74 | 3.04 | GET THIS RATE | |
| 4 Year Fixed | 2.89 | 3.09 | GET THIS RATE | |
| 5 Year Fixed | 2.89 | 3.24 | GET THIS RATE | |
| VARIABLE | 1.5 | Prime - 1.65 | GET THIS RATE | |
Best Mortgage Rates
Best mortgage rates for for Insured, high ratio mortgages on the A-side lending. Down payment based on 5% to 19% down payment.
Rates for Refinancing to 80% may be higher because of the added risk of not having default insurance.
Variable rate is based on 5 year term. Note there is a 3 years Variable rate product. Rates are usually expressed as Prime less or minus a certain amount. Payments stay the same during the term. Amount of interest and principle paid down will change if prime goes higher.
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Our Alternative mortgage rates are for borrowers that do not meet regular bank financing. Our mortgage approvals are excellent solutions allowing you to purchase or refinancing your home.
What is the difference between Fixed rates and Variable rates?
Fixed mortgage rates are guaranteed not to change during the entire term of your mortgage. Terms vary between 1 to 10 years. Mortgage payment also remain constant.
Variable mortgage rates are based on the prime lending rate. Often the actual borrowing rate is based on a discount or addition to the prime rate. Prime rate is subject to change, therefore during the term of your mortgage, your payment could change. Another scenario is your payment may not change, however the principal portion and interest portion might.
ARE FIXED MORTGAGE RATES A BETTER CHOICE THAN VARIABLE?
Most Canadians seem to prefer fixed rates. Approximately 70% of mortgages are based on fixed rates. Variable mortgage rates are for people that believe or expect the prime rate to decrease. People that prefer to know in advance exactly what their mortgage payments will be for the entire term, end up choosing a fixed mortgage rate option.
What is the mortgage rate hold?
A rate hold is the period of time a lender or bank facility will guarantee your special rate for. In other words the time for you to close and fund your mortgage in order to get that rate. Some lenders guarantee the rate but also will allow you to receive a lower rate should their rate decrease during the rate hold. If however, the rate increases, you are protected.