We compare mortgage rates from top lenders so you get the best rate available. Check out the current rate offerings for fixed and variable term mortgages.
If you see a lower advertised rate, ask us about it! With our large network of Canadian lenders, chances are we can offer that rate or lower.
The Bank of Canada’s Prime Rate influences variable and adjustable interest rates. The Prime Rate is reviewed eight times per calendar year, at which point the bank may choose to lower, raise, or keep the pace the same.
A fixed-rate mortgage is where the interest rate remains the same throughout the term of the loan. Your mortgage payment will be fixed and will not change over the loan term, typically 5 years.
Fixed-rate mortgages are popular among homebuyers because they offer stability and predictability. With a fixed-rate mortgage, you can budget your monthly expenses more accurately, as you know exactly how much you will be paying toward your mortgage.
One of the drawbacks of a fixed-rate mortgage is that the interest rate is typically higher than the initial interest rate of a variable/adjustable-rate mortgage. However, with a variable, the interest rate can fluctuate over the loan term, making it harder to budget your monthly expenses.
The terms “variable mortgage rate” and “adjustable mortgage rate” are often used interchangeably. The rate is typically based on the prime rate set by the Bank of Canada or the lender’s prime rate, but they differ.
Here is the difference:
Adjustable Mortgage Rate:
An adjustable mortgage rate, also known as an (ARM), is a mortgage interest rate that can change over the term. The interest rate can increase or decrease based on changes in the prime rate, affecting your mortgage payment. This means your monthly mortgage payment can increase or decrease depending on the fluctuations in interest.
(ARM, changes impact the mortgage payment directly).
Variable Mortgage Rate:
A variable mortgage rate, also known as a (VRM), is a mortgage interest rate that can change over the term based on changes in the prime rate, affecting your mortgage amortization. This means your mortgage amortization, the total length to which your mortgage is paid, can increase or decrease depending n the fluctuation in interest.
(VRM, changes impact the amortization).
These rates have many benefits over a Fixed Interest Rate, particularly the Adjustable Mortgage Rate.
When it comes to closing on a home, first-time buyers often encounter a seemingly unexpected expense known as an “Interest Adjustment.” This question comes
You just heard those reassuring words “You are approved!” but this isn’t the end of the journey. You and your mortgage agent must stay
Property taxes are a significant financial obligation for homeowners. These taxes fund essential services like schools, infrastructure, and public safety, making them a crucial
Owning a house is a significant milestone but requires a substantial financial commitment! One of the essential requirements when buying a home is having
Legal Disclaimer
¹ Personal lending products and residential mortgages are offered by the lender and are subject to those lending criteria, terms and conditions. Offers may be changed, withdrawn or extended at any time without notice. Interest rates are provided for information purposes only.
² OSFI’s guideline B-20 sets the minimum qualifying rate for mortgages. It is the greater of the contractual mortgage rate plus two percent or the five-year benchmark rate published by the Bank of Canada.
³ Bank of Canada’s published rate values.
We use cookies to enhance your browsing experience, serve ads, content, analyze our traffic and perform necessary functions to ensure you get the best experience. By clicking "Accept", you consent to our use of cookies.
Learn more about M Factory’s Privacy Policy and Cookies.