MortgageRates.ca - Canada's Best Mortgage Rates

MortgageRates.ca is your source for the best mortgage rates in Canada. We make it easy to find the most competitive mortgage rates from Canadian banks and mortgage brokers. You can quickly compare fixed and variable mortgage rates with different terms, conditions, and amortization periods. Our mortgage rate charts are updated daily and only list the most current rates. Best of all, it is completely free! Simply enter in the mortgage amount you are looking for to get started.

Find your customized rate

  • The mortgage amount is the total cost of the home you plan to purchase, minus your down payment. If you are refinancing or renewing your mortgage, this is the current value of your mortgage.
    • There are different types of mortgages available. A fixed-rate mortgage doesn't change during your mortgage term while a variable mortgage rate is subject to change based on the lender's prime rate.
    • The mortgage term is the length of time you are locked into a certain interest rate. The most common term is 5 years. However, the term can be anywhere from 6 months to 10 years.
    • Select the province that you currently reside in or the province you plan on moving to in order to access the best mortgage rates in your area.
    • The amortization period is the total length of time it takes to pay off your mortgage. The most common amortization period is 25 years. Longer amortization periods will reduce your monthly payments, but you will pay more interest over the life of your mortgage.
Mortgage providers include lenders and mortgage brokers. Lenders will provide the funding for your mortgage whereas mortgage brokers will shop your mortgage around for the best rate.
The mortgage rate is the amount of interest you will pay on the principal balance of your mortgage. This rate will vary depending on whether you choose a fixed or variable mortgage rate.
The rate hold is the length of time (usually 30-120 days) a lender will guarantee the current mortgage rate being offered.
The mortgage prepayment options allow you to either make a lump sum payment against your mortgage principal without penalty or increase your original monthly mortgage payments by a specific percentage.
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The monthly mortgage payment is calculated based on the mortgage amount, amortization period, and the associated mortgage interest rate.
The details of the mortgage include the mortgage type and term. The mortgage prepayment options allow you to either make a lump sum payment against your mortgage principal without penalty or increase your original monthly mortgage payments by a specific percentage.
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First Time Home Buyer? We Can Help!

Applying for a mortgage and buying a home for the first time can be an overwhelming task. Most Canadian first time home buyers often don't know where to begin. That is why we have put together the most comprehensive mortgage help center. Find out everything you need to know about buying your first home in Canada!

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