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Lowest Mortgage Rates. Tailored for You.

Find the lowest current mortgage rates in Canada based on your specific situation. View your special rates now!

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the best current mortgage rates
the best current mortgage rates

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Our mortgage rates are as exotic and unique as this pink flamingo, because they are tailored to meet your special needs

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Today's Lowest Mortgage Rates +

Today's Lowest Mortgage Rates

5 Year Fixed
MORTGAGE RATE

1.39%

Today's Lowest Mortgage Rates

Insured

Today's Lowest Mortgage Rates

5 Year Variable
MORTGAGE RATE

1.39%

Today's Lowest Mortgage Rates

Insured

Today's Lowest Mortgage Rates

5 Year Fixed

1.69%

Today's Lowest Mortgage Rates

Conventional

Today's Lowest Mortgage Rates

5 Year Variable

1.59%

Today's Lowest Mortgage Rates

Conventional

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Need Help Selecting the Right Mortgage Rate? Take A Short Quiz to Find Out.

Our Rate Finder can help you make the best decisions on mortgage purchase and mortgage refinance rates. Answer a few questions to figure out the right mortgage rate and term for you!


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5 Year
Fixed
Rate Mortgage

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5 Year Fixed Rate Mortgage allows you to lock in the current interest rate for 5 years. It's a "set it and forget it" choice, and gives you peace of mind.

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Lock in a rate that doesn't change for 5 years

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May lead to higher pre-payment penalties if you break your mortgage before the end of the 5 years

5 Year
Variable
Rate Mortgage

the lowest mortgage rates

5 Year Variable Rate fluctuates with prime rate. However, historically, variable rate holders tend to pay less over time.

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Rate can go up and down; it can be higher or lower than fixed

the best mortgage rates

Pre-payment penalty is usually equal to 3 months of interests, usually lower than fixed rate mortgages

the lowest current mortage rates


Insured
Rate Mortgage

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You are required to purchase mortgage insurance when your down payment is less than 20% of home value.

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Can go up to 95% Loan-to-value, or minimum 5% of down payment . Lowest rates.

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2.8% to 4.5% insurance premium based on down payment % to be paid at closing (usually added to the mortgage )


Conventional
Rate Mortgage

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When you have more than 20% down; or you are buying a property >$1,000,000, you will need to get a conventional mortgage.

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Can go up to 80% of Loan-to-value, or minimum of 20% down payment.

the best mortgage rates

No up-front insurance premium cost. Easy to refinance.

the lowest current mortage rates
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Mortgage Rates FAQ's

Your Mortgage Questions Answered
best mortgage rates

Does my credit score impact my mortgage rate?

Yes. The higher your credit, the easier it is for you to get approved for a lowest interest rate. Most bank lenders consider a credit score above 620 to be acceptable. Credit score above 700 is good. Credit score above 780 is considered excellent.

If you don't have the best credit, don't worry. We are here to help. Give us a call or book a quick chat. One of our experienced mortgage brokers can help you find the right mortgage product.

How do I get the lowest mortgage rates?

As mentioned above, having a high credit score plays a key role. Here is a summary of other factors that will help you get approved for the lowest mortgage rates:

  • High credit score
  • Insured mortgage tends to have a lower rate (but you need to pay default insurance)
  • Primary residence tends to have lower mortgage rates than investment properties
  • Low Debt Servicing Ratios also play a role in getting a lower rate. Total Debt Service (TDS) ratio is calculated using your debt payments (including mortgage payments, credit cards, heat, condo fee, property tax), divided by your income. Typically, lenders prefer the loans with TDS ratios below 42%~44%

What are some of the incentives available for First Time Home Buyers (FTHB)?

There are 3 major incentives to help First Time Home Buyers to afford their first home purchase. You can leverage these programs to help you save tens of thousands of dollars. Talk to one of our experienced mortgage brokers today to find out how.

  • Land Transfer Tax Rebate. Ontario home buyers can get up to $4,000 rebate on provincial land transfer tax and $4,475 for City of Toronto Land Transfer Tax
  • Home Buyer's Plan (through RRSP)
  • Canada's First Time Home Buyer Incentive. It's an interest-free shared-equity program that allows the government to contribute between 5% to 10% of the home value.

Your can find more details on these programs in this article. We are always here to answer any questions.

What's the minimum down payment I need for a house?

  • You need a minimum of 5% as your down payment if the property is less than $500,000
  • If the property value is between $500,000 and $1,000,000 you need 10% for the portion above $500,000
  • If the property value is above $1,000,000 you will need a minimum of 20% down payment. For properties above 1 million, some lenders require even higher down payments.
  • If your income cannot be verified (self-employed, new-to-Canada, etc.) or you have limited income, you may need to have at least 35% down payment

Does % of down payment impact my mortgage rate?

Yes. Typically, insured mortgages have a lower interest rate. It's because the lenders do not have any default risk on the insured mortgages. Therefore, if your down payment is less than 20%, your rate is usually lower than a rate for a conventional mortgage. On the other end of the spectrum, let's say you are putting 50% of your own money when purchasing a property, this also lowers the risk of a lender and may have a favourable impact on your rate.

What is mortgage amortization and term?

Amortization is the time period it takes for a borrower to pay back the principle and interest of the mortgage. The most commonly used amortization periods are 25 years and 30 years. It seems like a long time, but it's because a mortgage is usually a pretty large sum of money and it takes a long time to pay it back.

Mortgage Term is the amount of time that your mortgage contract with the lender stays effective. During the term, you have a fixed mortgage amount and a pre-determined interest rate (fixed or variable). Mortgage terms usually range between 1 to 10 years. The most popular mortgage is a 5-year term mortgage.

If you discharge your mortgage from your lender before the maturity of the term, you may have to pay penalties. When your term is up for renewal, you are free to move to other lenders. You can also choose to continue with the same lender by simply renewing your mortgage.

What is an insured mortgage?

A default insurance is a policy from one of the mortgage insurers (CMHC, Genworth, Canada Guarantee). The insurance policy guarantees the mortgage payments to the lenders if the borrower stops paying or becomes delinquent.

In Canada, as a borrower, you are required to purchase default insurance if your down payment is less than 20%. The insurance premium ranges between 2.8% to 4.1% of your mortgage amount. It can be capitalized as part of the mortgage principle to reduce the cash you need to come up with at the closing of the mortgage. In Ontario, there's also 8% sales tax charged to the mortgage default insurance.

What are the mortgage closing costs?

Here's a list of closing costs. You can find more details in this article.

  • Home Inspection
  • Appraisal
  • Land Transfer Tax
  • Title Insurance
  • Legal Fees
  • CMHC Insurance
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+ View Legal Disclaimers

Rates are expressed as best available rates. Qualification is subject to lending criteria of various mortgage lenders who are offering these rates. Lending criteria includes but is not limited to a borrower's credit score, income, property location, down payment, assets and other liabilities, etc.

Private mortgage rates do not include lender fees. Lenders fees may apply depending on borrower's specific situation.

Rates are only applicable to primary residence. For investment property rates please click here.

Rates may be changed, withdrawal, or extended without notice at anytime.

Variable rates are expressed as if calculated monthly, not in advance.

Fixed rates are expressed as if calculated semi-annually, not in advance.