Mortgage rate comparison

       Term The mortgage term is the amount of time a home buyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration.
       Amortization The amortization period is the length of time it takes to pay off your mortgage in its entirety. The most common amortization period is 25 years, with the maximum set at 30 years for down payments less than 20%. Although longer amortization periods reduce your monthly payments, you will pay more interest over the life of your mortgage.
 

5-Year Fixed Rates

Mortgage rate
       Mortgage rate The rate of interest you will pay on the outstanding balance of your mortgage. This rate can be fixed for the duration of the term or variable, fluctuating with the prime rate. Fixed rates are most popular in Canada and represent 66% of all mortgages.
Provider
       Provider Mortgage providers include lenders and mortgage brokers. As the name suggests, lenders provide the funding for your mortgage. Mortgage brokers are licensed professionals with access to multiple lenders and products. According to the Canadian Mortgage and Housing Corporation, mortgage brokers accounted for 38% of mortgage originations in 2009.
Rate hold
       Rate hold The rate hold is the length of time the mortgage provider can hold the interest rate for. Submitting this form is the first step to getting your rate held, but there will be additional steps required depending on the mortgage provider.
Prepayment
       Prepayment Prepayment options outline the flexibility you have to increase your monthly mortgage payments or make a lump sum outlay against your mortgage as a whole. According to the Canadian Association of Accredited Mortgage Professionals (CAAMP), 28% of mortgage holders used one or both prepayment privileges in 2010.
Payment
       Payment The monthly mortgage payment is calculated based on the mortgage amount, amortization period and the associated mortgage rate. A general affordability rule is that your monthly housing costs should not exceed 32% of your gross household monthly income.

featured

3.29%
CanWise Financial
CanWise Financial
120 days
no pre-approvals
Lump Sum: 15%
Monthly: 15%
$-
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featured

3.44%
Peoples Trust
Peoples Trust
90 days
no pre-approvals
Lump Sum: 20%
Monthly: 20%
$-
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featured

3.54%
Equitable Bank
Equitable Bank
120 days
no pre-approvals
Lump Sum: 15%
Monthly: 15%
$-
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featured

3.59%
Duca
Duca
120 days
no pre-approvals
Lump Sum: 20%
Monthly: 20%
$-
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featured

3.64%
Industrial Alliance
Industrial Alliance
120 days
no pre-approvals
Lump Sum: 15%
Monthly: 15%
$-
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featured

3.66%
TD Bank
TD Bank
120 days
no pre-approvals
Lump Sum: 15%
Monthly: 100%
$-
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featured

3.69%
CMLS Financial
CMLS Financial
120 days
no pre-approvals
Lump Sum: 20%
Monthly: 20%
$-
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featured

3.79%
First National
First National
120 days
no pre-approvals
Lump Sum: 15%
Monthly: 15%
$-
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featured

3.89%
Bank of Montreal
Bank of Montreal
130 days Lump Sum: 10%
Monthly: 10%
$-
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featured

3.89%
MCAP
MCAP
120 days
no pre-approvals
Lump Sum: 20%
Monthly: 20%
$-
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featured

3.89%
Alterna Savings
Alterna Savings
120 days
no pre-approvals
Lump Sum: 20%
Monthly: 20%
$-
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featured

3.99%
Scotiabank
Scotiabank
120 days
no pre-approvals
Lump Sum: 15%
Monthly: 15%
$-
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featured

4.04%
Desjardins
Desjardins
120 days
no pre-approvals
Lump Sum: 15%
Monthly: 100%
$-
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3.39%
Meridian Credit Union
Meridian Credit Union
90 days Lump Sum: 20%
Monthly: 20%
$-
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3.74%
RBC Royal Bank
RBC Royal Bank
120 days Lump Sum: 10%
Monthly: 100%
$-
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3.74%
HSBC
HSBC
90 days
no pre-approvals
Lump Sum: 20%
Monthly: 20%
$-
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3.79%
Laurentian Bank
Laurentian Bank
90 days
no pre-approvals
Lump Sum: 15%
Monthly: 15%
$-
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3.79%
Simplii Financial
Simplii Financial
120 days
no pre-approvals
Lump Sum: 20%
Monthly: 25%
$-
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3.84%
Tangerine
Tangerine
30 days Lump Sum: 25%
Monthly: 25%
$-
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3.99%
National Bank
National Bank
90 days Lump Sum: 10%
Monthly: 100%
$-
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5.34%
CIBC
CIBC
90 days Lump Sum: 10%
Monthly: 100%
$-
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Annual Income

Living Costs

Estimate for me

Before Tax
       Applicant Income Your gross income before-tax, including any bonuses and supplementary income.        Property Tax An annual tax levied by the municipality in which your home is located. We have used an estimate based on the average in your province.

Before Tax
       Co-Applicant Income Your co-applicant's before-tax gross income. Your combined income will be used to calculate the mortgage you can afford.        Condo Fees Condo fees cover common building expenses and maintenance in multi-unit properties. We have used a default estimate of $300.
             Heating Costs The total costs associated with heating your home and water. We have used a default estimate based on provincial averages.

Debt Payments

       Credit Card The average monthly interest owed on outstanding credit card balances. This does not include the balances themselves, only the interest portion. How much can I afford?
       Car Payment Your monthly leasing or financing outlay on any household vehicles.
       Loan Expenses Any other monthly loan expenses, such as lines of credit, student loans, alimony or child support.
 

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