CATEGORIES

CURRENT RATES

2 YEAR 1.99%*

3 YEAR 2.79%*

4 YEAR 2.94%

5 YEAR 2.54%*

5 YEAR Variable 2.90%*

Updated August 29th, 2019
*Special conditions apply. Interest rates are provided for information purposes only and are subject to change without notice.

How to determine when you’ll pay more for a mortgage

Globe and Mail ~ August 3rd, 2018

Nobody wants to pay more than necessary when getting a mortgage. But more than four out of five applicants have little chance at getting Canada’s true lowest rate.

Rock-bottom rates are reserved only for mortgages that present the least risk and cost for the lender. And relatively few mortgages fall into this bucket.

Mortgages have always been priced based on the risk you present to the lender. But after 10 years of government rule tightening, that’s true today more than ever.

At this very minute, the absolute lowest contractual mortgage rate in Canada is 2.4 per cent, as tracked by RateSpy.com. It’s a variable rate available solely to impeccable credit borrowers financing a primary-residence purchase and paying for default insurance. It’s got a bunch of other restrictions, too.

If you need more flexible financing, you’ve got to fork out more − no way around it.

How much more hangs on what kind of mortgage you need.

To help illustrate how your risk profile plays into the rate you can expect, I’ve put together the list you see below. It shows approximately how much extra you’ll pay for a given mortgage type, versus today’s lowest available mortgage rate of 2.4 per cent.

Click here to read the full article.