Find the best mortgage rate in Canada

At FindBetter.ca, we do the hard work for you by shopping for the best mortgage rates from the most competitive brokers, lenders, and banks in Canada.

I am buying a home

I'm renewing or refinancing

Compare mortgage rates from 85+ Canada’s leading banks and brokers in just 2 minutes.

Today's Lowest Mortgage Rate

4.69%

5-Year Fixed

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4.89%

3-Year Fixed

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4.79%

5-Year Variable

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PURCHASE

Starting your move by initially buying a house has its own benefits. Its greatest benefit is that it removes the need for renting during the house-selling period.

REFINANCE

Refinancing or Second Mortgage can enable the use the equity in your home, to either reduce or consolidate debt or use the funds for better investment opportunities.

RENEW

When it comes time to get your mortgage renewed you have to decide whether or not you want to work with another lender or stick to your current one.

Find and Compare Canada’s Best Mortgage Rates

Buying a home can be an exciting and challenging experience. When you’ve made your choices on location, size and style, you then have to prepare for costs and deal with your mortgage application. There are a huge range of options to choose from when deciding on a mortgage provider. FindBetter.ca makes your search experience easier by showing you the best lenders, brokers, and banks in Canada. Our comparison list is designed to instantly show you the very latest updated mortgage rates, completely free of charge.

Best 5-year fixed mortgage rates in Canada

The 5-Year Fixed Mortgage is a loan with a fixed payment and interest rate for the first five years. It’s the most popular mortgage in Canada. People usually choose this option because there’s no need to worry about fluctuating prices that could make it difficult to budget. This mortgage is suitable if you’re keen to lock in your payments for a fixed period of time. It’s also ideal if you’re planning to make payments on a long-term basis and have no intention to sell your home in the next five years. With a 5-year fixed mortgage, your lender will most likely cover any legal fees involved. FindBetter.ca can help you find the best five-year fixed mortgage rates in Alberta, British Columbia, Ontario and Quebec.

In the fixed-rate mortgage, the “five” represents the term your mortgage is for which is five years. The term refers to the time length for locking in the current rate of the mortgage. The amortization period is the time that it takes to pay the mortgage off. Once the term is up, you can refinance and reset the mortgage to what the mortgage rate is at the end of your term.

For the 5-year term, the borrower must get approval even if they choose a lower interest rate and term. This approval process reduces the risk for the lender and helps the buyer. A fixed rate refers to the rate percentage that is set for the term duration. When you have a rate that is variable, the rate will fluctuate with the interest rate of the current market which is referred to as the prime rate.

More 5-Year Fixed Mortgage Rates from Leading Financial Institutions

5-Year
Fixed

2.64%

5-Year
Fixed

2.50%

5-Year
Fixed

2.70%

5-Year
Fixed

2.65%

5-Year
Fixed

2.80%

5-Year
Fixed

2.60%

5-Year
Fixed

2.90%

5-year variable mortgage rates in Canada

5-year variable mortgages are also popular in Canada, especially among those planning to upgrade their home or nearing the end of their mortgage payments. It generally has lower rates than the 5-year fixed mortgage, with a lower penalty if you choose to break the mortgage earlier. 

These days, it’s more difficult than ever to find the lowest mortgage rates available in Canada. Higher interest rates no longer dominate the playing field, but current industry rules complicate matters for homeowners searching for mortgage renewal options and first-time buyers. Self-employed and part-time earners, who make up approximately 20% of Canada’s current population, often face the greatest difficulties obtaining a mortgage. Let’s take a closer look at Canada’s mortgage market…

More 5-Year Variable Mortgage Rates from Leading Financial Institutions

5-Year
Variable

1.25%

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5-Year
Variable

1.65%

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5-Year
Variable

1.55%

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5-Year
Variable

1.30%

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5-Year
Variable

1.25%

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5-Year
Variable

1.60%

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5-Year
Variable

1.40%

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3-Year Fixed Mortgage Rates

In the 3-year fixed mortgage, there is a constant interest rate over the three years. The 3-year term is not as popular in Canada but is useful in some circumstances.To best learn more about 3-year fixed mortgage rates, you need to compare them with 5-year mortgage rates.

More 3-Year Fixed Mortgage Rates from Leading Financial Institutions

3-Year
Fixed

2.49%

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3-Year
Fixed

2.45%

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3-Year
Fixed

2.40%

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3-Year
Fixed

2.65%

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3-Year
Fixed

2.54%

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3-Year
Fixed

2.60%

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Why comparing mortgage rates matters

Buying a home is a huge investment. Whether you’re a first-time buyer or not, it’s always important to carefully research mortgage rates to ensure you get the best deal. Mortgages vary in many aspects. One broker could have the lowest rate, but unreasonably high fees. as well as interest rates, you must consider the conditions in the contract and decide if they’re beneficial for you. Every mortgage is different and if you want to find one that suits your needs, you have to explore all possible options.

‘Open’ vs. ‘closed’ mortgages – Which one is best for you?

With an open mortgage, you can choose to pay your balance any time before the term ends, without incurring any penalty. But, you still have to pay a premium. This is ideal if you’re planning to move in the near future, or if you’ll soon receive a large amount of money. A closed mortgage means your premium rate is relatively lower, but the amount of principal you can pay every year is restricted. If you decide to pay off everything before the end of your term, you’ll have to pay a penalty. Read more: Open vs Closed Mortgages

Fixed rate vs. variable rate mortgage

When choosing a mortgage, you’ll need to decide between a fixed or variable rate. With a fixed rate mortgage, you agree to pay a certain rate over a predetermined time period. The most common term is five years, but you can also opt for a longer or shorter duration. There is lower risk involved, since the rate is not going to change over the course of your mortgage. This also makes it easier to plan your budget because you know how much to set aside. However, fixed rate mortgages tend to have expensive additional fees. Variable rate mortgages are more affordable, but riskier. Monthly payments depend on the prime rate. Although you can save more money initially, the price will fluctuate if prime rates change. Volatile rates make it harder to prepare a budget. Read more: Fixed vs Variable Mortgage Rates

Best mortgage rates in Ontario

If you’re looking for the best mortgage rates in Ontario, you’re in the right place. FindBetter.ca simplifies your search by instantly giving you a list of the most competitive brokers, lenders, and banks. Our service is free of charge and gives you the most up-to-date results. Our comparison tools help you compare mortgage terms and conditions and find the very latest information on pre-payment options and open or closed mortgages.

Best mortgage rates in British Columbia

Before you look for the best mortgage rates in British Columbia, it’s worth noting that prices may differ according to  institution, rate type, and mortgage term. FindBetter.ca enables you filter your searches based on these factors. All our rates are updated regularly, so you can rest assured that you’re getting the very latest rates from the most competitive brokers, lenders and banks.

Best mortgage rates in Alberta

To get value for money, you need to access the most competitive mortgage deals in your area. FindBetter.ca gives you the best mortgage rates in Alberta offered by brokers, banks, and credit unions to help you save a significant amount throughout your mortgage. Our tools enable you to compare mortgage rates for free and get instant, up-to-date results. You can also search for specific mortgage amounts, pin codes, rate type, and mortgage terms to find a deal that suits your needs.

 

Why should you compare mortgages?

Affordability

It’s important to understand the true value of the mortgage you’re planning to take out. Often, mortgage lenders provide interest rates, along with numerous additional costs that only serve to confuse buyers. Be aware of extra costs like premiums, property tax, closing costs, interest rates and annual percentage rates that can contribute to the overall affordability of your chosen property.

Compatibility

You can access all available options for the current lowest mortgage rates in Canada via our unbiased comparison tool and find the option that best suits your needs. This saves you the time and stress of wading through lots of websites or paperwork.

Tips on comparing mortgages

Here are some tips and guidelines to help you learn more about comparing mortgage rates:

Broker vs. bank

Prospective buyers often wonder whether it’s better to contact a mortgage broker or bank. Working with banks sometimes allows you to meet your lender in person. And, if you’ve developed trust with your bank, they may offer you some exclusive perks. On the other hand, dealing with a broker gives you access to a wide range of lenders. You can quickly weigh up your best deal. But, it’s worth noting that Canada’s current lowest mortgage rates are fairly evenly spread among different providers. Learn more: Bank vs Mortgage Broker

Variable vs. fixed mortgages

Variable mortgage interest rates change to reflect the conditions of the market and are usually lower than fixed ones. Fixed mortgages gives you the stability of a set budget. It enables you to plan your exact payments. Learn more: Variable vs Fixed Mortgages

‘Open’ vs. ‘closed’ mortgage

Open mortgages offer flexible terms of repayment, whereas closed ones include penalties. Open mortgages are usually beneficial for those with unstable incomes, such as self-employed or part-time workers. But, open mortgages usually have slightly higher interest rates than closed mortgages. Finding the best of Canada’s current lowest mortgage rates means searching out the best one for your individual needs. Learn more: Open vs Closed Mortgages

Find the current lowest mortgage rates in Canada with FindBetter.ca

Quotes provided at  FindBetter.ca are tailored to your needs and the area of Canada you live in. Our goal is to provide you with offers you won’t find anywhere else. Here are some compelling reasons to try our free service now:

  • Quick results – find the best rates in seconds.
  • Free – save yourself additional costs by using our service.
  • Easy – all you need is your postal code.
  • Secure – no third parties are involved.
  • Unbiased – we show the best rates from banks and brokers alike.
  • Comprehensive – get relevant and up-to-date information on current trends.

Comparing mortgage rates can be beneficial to you as not all rates will be equal. The conditions and the terms can vary as much as the interest rate. The mortgage you decide will depend upon what you need so you must compare the options to determine the best mortgage rate for you.

Open vs Closed Mortgages

The closed mortgage has a lower interstate compared to the open rate mortgage, so it’s quite popular with home buyers. The closed mortgage has both a variable and a fixed format, but the principle that you pay down each year has restrictions. If the entire principal is paid off before the set term of the mortgage is up, there is a penalty that you pay like higher interest charges over several months.

When you have an open mortgage, you can pay off the whole balance when you want throughout your term. The downside to this is that a premium is paid. If you plan to move soon, the open mortgage is a good option. If you expect to receive a large sum of money through inheritance or other means, then this would also be a reason why an open mortgage might be a better choice for you.

Read more: Open vs Closed Mortage Types

Two Important Terms

There are 2 important terms you’ll need to know when comparing mortgage rate types:

  • Mortgage term – This is the time length for locking in the current mortgage rate
  • Amortization period – This refers to the time it takes to pay off your mortgage

Example:

  • 25 year Amortization period with a 5-year term
 

 

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