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5 Year Fixed Mortgage Rate From 1.38%.

Get The Lowest Mortgage Rates. Effortlessly.

Get the lowest mortgage rates in Canada for home purchase, refinance, and renewal. Apply online to get instant access to your special rate offer!

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1.38% | 5 Year fixed
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Today's Lowest Mortgage Rates

lowest mortgage today

5 Year Fixed
Mortgage Rate

1.38%

Insured

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5% Minimum Down Payment

Up to 25 Year Amortization

Execellent Credit

lowest mortgage today

5 Year Variable
Mortgage Rate

1.25%

Insured

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5% Minimum Down Payment

Up to 25 Year Amortization

Execellent Credit

lowest mortgage today

5 Year Fixed
Mortgage Rate

1.59%

Conventional

an arrow for Lowest mortgage rates

5% Minimum Down Payment

Up to 25 Year Amortization

Execellent Credit

lowest mortgage today

5 Year Variable
Mortgage Rate

1.59%

Conventional

an arrow for Lowest mortgage rates

5% Minimum Down Payment

Up to 25 Year Amortization

Execellent Credit

This is why we can get you the lowest rate.

And don't just take our word for it!

HIGH VOLUME. LOW RATES

We do a lot of volume so we get extra rate discount than other brokers.

NO COMMISSION. MORE SAVING

Our advisors are salary-based, so we throw in our commission to lower your rate. We also cheaper because we are fully online.

BEST DEAL FROM 20+ LENDERS

We compare the lowest rates from 20+ lenders to get you the lowest rate and save you time and money

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We got a 5 year fixed rate from Effortless to refinance our mortgage. We just applied online and got a call from them within hours, and a rate letter the next day. They made it really easy to get the lowest rate without spending a lot of time ourselves to shop around.

- Josh and Ashley C. | Hamilton, Ontario

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Effortless got us a lower rate than our bank. They also saved us a lot of costs at closing. They are very straight forward - we got the lowest rate up front. They move very quickly. We were able to comfortable bit on a house we wanted. Very happy about their work.

- Jackie and Matt S. | Toronto, Ontario

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Effortless was able to approve me for a very good rate for my rental property. They had good advice on what's the best type of rate based on what I need to do. My advisor was very friendly and patient. Would definitely recommend them to anyone who wants to save time and money.

- Boris A. | Ajax, Ontario

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Fixed or variable mortgage rates:
which one is better for you?

Although 5 year fixed mortgage rate is the most popular term, variable rate comes with many benefits. Use our online tool to get the lowest rates based on your specific needs.

Five Year

Fixed Mortgage

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.

  • Lock in a rate that doesn't change for 5 years
  • May lead to higher prepayment penalties if you break your mortgage before the end of the 5 years
Find The Lowest Rate
Five Year

Variable Mortgage

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

  • Rate can go up and down; it can be higher or lower than fixed
  • Pre-payment penalty is usually equal to 3 months of interests, usually lower than fixed rate mortgages
Find The Lowest Rate
lowest mortgage rates

Insured or conventional mortgage rate:
which one do you need?

Insured mortgages usually comes with lower rates because they are "default insured". However, it also has more up front costs. Amortization also impacts your mortgage rates. Apply online in 1 minute to get the lowest insured and conventional rate today!

lowest mortgage rates

Insured Mortgage Rates

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

  • Can go up to 95% Loan-to-value, or minimum 5% of down payment. Lowest rates.
  • 2.8% to 4.5% insurance premium based on down payment % to be paid at closing
Find The Lowest Rate
lowest mortgage rates

Conventional Mortgage Rates

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

  • Can go up to 80% of Loan-to- value, or minimum of 20% down payment.
  • No up-front insurance premium cost. Easy to refinance.
Find The Lowest Rate
lowest mortgage rates
lowest mortgage rates

Mortgage Rates Frequently Asked Questions (FAQ's)

Does my credit score impact my mortgage rate?
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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?
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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)?
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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?
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  • 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?
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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?
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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?
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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?
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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
More Questions? Contact Us
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