Let’s Talk About Rates

That’s what everyone’s wondering about, right? What’s my rate going to be? Well, if you just want to see the best rates, here’s where you can find that.

But first, it’s smart to understand what rate you’ll actually qualify for. In today’s mortgage market, your type of deal and qualifications will determine what rate you’ll ultimately receive.

Read below and you’ll start to understand what we’re talking about. But remember, as your mortgage broker, we always make sure you get the lowest rate, for whatever type of mortgage you end up with!

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Rates Today Explained

In late 2016, the rate landscape in Canada shifted dramatically when the Federal Government changed its policies on how Mortgage Default insurance works. Lenders costs on funds for different types of mortgages changed, which as a result, shifted rate offerings on different types of mortgages.

Rates are now dependent on several main factors:

Your downpayment: If your downpayment is less than 20% of the total purchase price, you will qualify for the most preferred rates. In some cases, if you have 35% or more down, you may also qualify for preferred rates.

Amortization Period: If your mortgage is amortized over 25 years, then you may qualify for a more preferred rate, versus a 30 year amortization.

Type of Transaction: If you are purchasing, renewing your mortgage (in some cases), and you qualify at 25 years, then you will qualify for more preferred rates. If you are refinancing your mortgage, you will receive the standard rate.

Confused? Check out our Mortgage Glossary page.

Here’s Our Best Rates

We have lenders offering the lowest rates and you can see those here. But you really should check The Great Rate Explainer to understand if these rates apply to you.

Sliding things are fun! Try it out!

Fixed

year fixed
year fixed rate

Variable

variable rate

Have a questions about a rate? we’re happy to help!

FICOM license number: 145716.