Mortgage rate comparison

       Term The mortgage term is the amount of time a home buyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration.
       Amortization The amortization period is the length of time it takes to pay off your mortgage in its entirety. The most common amortization period is 25 years, with the maximum set at 30 years for down payments less than 20%. Although longer amortization periods reduce your monthly payments, you will pay more interest over the life of your mortgage.

5-Year Fixed Rates

Rates updated:  
Mortgage rate
       Mortgage rate The rate of interest you will pay on the outstanding balance of your mortgage. This rate can be fixed for the duration of the term or variable, fluctuating with the prime rate. Fixed rates are most popular in Canada and represent 66% of all mortgages. 		Provider
       Provider Mortgage providers include lenders and mortgage brokers. As the name suggests, lenders provide the funding for your mortgage. Mortgage brokers are licensed professionals with access to multiple lenders and products. According to the Canadian Mortgage and Housing Corporation, mortgage brokers accounted for 38% of mortgage originations in 2009. 		Rate hold
       Rate hold The rate hold is the length of time the mortgage provider can hold the interest rate for. Submitting this form is the first step to getting your rate held, but there will be additional steps required depending on the mortgage provider. 		Prepayment
       Prepayment Prepayment options outline the flexibility you have to increase your monthly mortgage payments or make a lump sum outlay against your mortgage as a whole. According to the Canadian Association of Accredited Mortgage Professionals (CAAMP), 28% of mortgage holders used one or both prepayment privileges in 2010. 		Payment
       Payment The monthly mortgage payment is calculated based on the mortgage amount, amortization period and the associated mortgage rate. A general affordability rule is that your monthly housing costs should not exceed 32% of your gross household monthly income.

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3.09% 		CanWise Financial
CanWise Financial 		120 days
no pre-approvals 		Lump Sum: 15%
Monthly: 15% 		$956
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3.34% 		Equitable Bank
Equitable Bank 		120 days
no pre-approvals 		Lump Sum: 15%
Monthly: 15% 		$982
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3.49% 		CMLS Financial
CMLS Financial 		120 days
no pre-approvals 		Lump Sum: 20%
Monthly: 20% 		$997
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3.49% 		TD Bank
TD Bank 		120 days
no pre-approvals 		Lump Sum: 15%
Monthly: 100% 		$997
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3.54% 		Scotiabank
Scotiabank 		120 days
no pre-approvals 		Lump Sum: 15%
Monthly: 15% 		$1,003
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3.54% 		First National
First National 		120 days
no pre-approvals 		Lump Sum: 15%
Monthly: 15% 		$1,003
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