Variable Mortgage Rates

The variable-rate mortgage ranks among the most popular home financing options in Canada because of the low rates usually available from banks and brokers on variable loans. We have made it easy for you to get information on variable mortgages and to access the lowest current variable mortgage rates available throughout Canada. In fact, we are the best resource for variable mortgages online, as our extensive contacts within the mortgage industry and experience keeping Canadians informed about these financial products mean that you get the lowest rates every time you use our tools. Furthermore, we have provided this guide to help you determine whether a variable-rate mortgage is right for you. Read on to find out more about variable mortgages, and then choose the best rate to quickly apply online.

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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