Canada’s best mortgage rates for you

We want you to make the best, most informed and most cost effective choice for you and we are here to help every step of the way. You will see below that we have included both excellent normal discounted mortgage rates and some limited rates along with a more detailed explanation of the two types of mortgages.

Canada’s best mortgage rates for you:

These rates are available to clients of ours and are selected from some of Canada’s leading lending institutions including banks, trust companies, and specialty mortgage lenders. We select the lowest rates from our providers and then often use some of our large buying power and compensation to further reduce these rates below the typical best broker rate. These mortgages typically include features such as:

*Portability – the ability to move your mortgage to a new home upon the sale of your existing home, this often avoids pay out penalties and costs for you.

*Prepayment privileges – these allow you to repay your mortgage faster and potentially save thousands of dollars in interest costs, they range from between 10% to 20% of your original mortgage amount per year.

*Standard pay out penalties for early repayment – this includes the Canadian industry standard of the greater of either three month of interest or the interest rate differential.

Limited mortgage rates:

These rates are the “get people in the door” rates that are offered by many online purely rate sensitive mortgage providers. The truth behind these rates and options is that we have very few clients who choose them once they know all of the details. These limited rates vary by lender but can include restrictions such as:

*No or limited portability – this could result in an increased cost for you if you sell your home as you have to pay a penalty to pay out your mortgage

*Higher pay out penalties – some lenders significantly increase the pay out penalty for these types of mortgage

*Fully closed for the term – this means that unless you sell your home you are not able to refinance or move your mortgage to another lender as the current lender essentially owns you for the term

We find that most clients move, redo, or want to restructure their mortgage within a five year period. Lenders know this as well which is why they offer these limited lower rate options up front, bottom line they plan on making more money on you in a few years by charging you a higher penalty or limiting your ability to repay the mortgage.