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The lowest advertised rate isn't always the cheapest mortgage, prepayment privileges, penalty calculations and portability matter enormously if your life changes mid-term.
| Provider | Rating | Rate types | Min. down payment | Max amortization | |
|---|---|---|---|---|---|
4.7/5 Best for Overall value | FIXED, VARIABLE | 5% | 30 years | Read review | |
4.5/5 Best for Rate matching | FIXED, VARIABLE | 5% | 30 years | Read review | |
4.1/5 Best for Full-service banking | FIXED, VARIABLE | 5% | 30 years | Read review |
Our picks
Showing 3 results
Our pick for: Overall value
Rate types
FIXED, VARIABLE
Min. down payment
5%
Max amortization
30 years
Sharp rates, a low-rate guarantee and salaried advisors who aren't paid to upsell you.
The downside: There's no branch to walk into if you prefer face-to-face.
Our pick for: Rate matching
Rate types
FIXED, VARIABLE
Min. down payment
5%
Max amortization
30 years
Its in-house lending arm means it can often beat bank pricing on straightforward deals.
Our pick for: Full-service banking
Rate types
FIXED, VARIABLE
Min. down payment
5%
Max amortization
30 years
A big-bank option worth it if you want everything under one roof, and you're willing to negotiate the posted rate down.
The downside: Posted rates need negotiating, don't accept the first number.
The term is how long your current contract and rate last, commonly five years. The amortization is how long it takes to pay the mortgage off entirely, commonly 25 years. You'll renew several times across one amortization.
If your down payment is under 20% of the purchase price, yes, through CMHC, Sagen or Canada Guaranty. The premium is added to your mortgage balance.