Mortgage Interest Rates

5 year fixed

$ 2.54%

Prime Rate

$ 3.95%

Variable

$ 2.75%

rates

1 Year Fixed3.04%
2 Year Fixed3.04%
3 Year Fixed2.79%
4 Year Fixed2.69%
5 Year Fixed2.54%
6 Year Fixed3.47%
7 Year Fixed2.99%
10 Year Fixed3.04%
Variable2.75%
HelocPrime + 0.50%
Prime Rate3.95%
Benchmark Rate5.19%
3% Cashback3.84%

Get My Best Rate

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The interest rate is a key consideration in your mortgage. However, it isn’t the only factor you should take into account. Our team will work with you to look at all of your options, and we will not only get you a mortgage – we will get you the right mortgage for your situation.

 

Our Lending Partners

partners

These are just some of the lenders we work with, each with multiple mortgage products. Our team keeps track of the qualifying criteria and rates to find you the best solution.

We shop based on the features you want and the details of your home purchase or refinance. One of the key benefits to working with a mortgage broker is that, since we have access to multiple lenders each with their own suite of products, we are able to find the best mortgage to fit with your particular situation.

 

 

mortgages

Insurable vs Uninsurable Mortgages

The regulations around mortgage financing in Canada have created two categories of mortgages. Your situation will determine whether your application is submitted as an insurable or uninsurable mortgage.

An insurable mortgage is a loan backed by either CMHC, Genworth or Canada Guaranty. Qualifying for this type of financing is typically a matter of whether your situation fits into the checkboxes established by the guidelines set out by the federal government and the Office of the Superintendent of Financial Institutions (OSFI). It will depend on your:

  • Provable income
  • Debt-service ratio
  • Credit score
  • Down payment

Lenders currently advertise some of their lowest rates for insurable mortgages.

Uninsurable mortgages fall outside the margins set by the government and include scenarios like:

  • Purchasing a home over $1,000,000
  • An amortization longer than 25 years
  • Purchasing a rental or leisure property
  • Renewing your existing mortgage while drawing some of the equity out of your home.

If this is your situation, in addition to the focus on rates you should consider the term of the contract as well as any penalties that might be incurred if you need to change your mortgage before the term is complete.