The Great Debate: Fixed or Variable?
Compare the stability of fixed rates against the potential savings of variable rates side-by-side.
Compare BothData Driven Algorithmic Integrity
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Our obligation to you supersedes any business relationship. This applies to everything we do—from the code that sorts rates to the advice in our guides. If a product has excessive fees, we expose them. If a service is outdated, we flag it. We are built to be your advocate, ensuring you always have the full, unvarnished picture.
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While we strive to scan the entire market, the financial world is massive. We might not list every single credit union or local bank in existence. However, we work tirelessly to present the most competitive offers available in Canada.
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Our opinions are our own. If a card has a terrible fee, we’ll tell you. If a bank has a glitchy app, we’ll warn you. Our loyalty is to your wallet, because if you don't trust us, you won't come back. And we really want you to come back.
Fixed vs. Variable Rates
The 5-Year Crossroads
See exactly when and why the market shifted. The chart below tracks the historical standard for 5-Year Fixed vs. 5-Year Variable rates over the last 5 years.
Look Beyond the Rate
The lowest rate isn't always the best mortgage.
A great mortgage has features that fit your life. Before you decide, check for these three key things:
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Fair Prepayment Penalties Does the lender use a fair calculation if you need to break your mortgage early?
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Generous Prepayment Privileges Can you make extra payments to become mortgage-free faster? Look for "15/15" or "20/20" options.
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Mortgage Portability Can you take your mortgage with you to a new home if you move? This feature can save you thousands.
Mortgage Rates by Lender
Compare rates from Canada's top banks and credit unions.
Best Rates by Province
Compare regional lending criteria and exclusive local offers.
Your Comparison Questions, Answered
Get clear, professional answers to the most important questions when comparing mortgage options.
The Annual Percentage Rate (APR) is the most important number for an 'apples-to-apples' mortgage comparison. It represents the total cost of borrowing, including not just the interest rate but also most associated lender fees, expressed as a yearly rate. A mortgage with a slightly higher interest rate but lower fees could have a lower APR, making it the cheaper option overall.
The mortgage stress test is a federal rule that requires you to qualify at a rate higher than your actual contract rate. This ensures you can still afford your payments if rates rise. It's a crucial factor because it determines the maximum mortgage amount you can be approved for, which directly impacts which homes and rates are available to you.
It depends on your priorities. Big banks offer a wide range of products and national accessibility. Credit unions are member-owned, often providing more personalized service and sometimes more flexible qualification criteria. A mortgage broker is an excellent choice as they can shop your application to both banks and credit unions to find the best fit for your unique situation.
Not always. A mortgage with the absolute lowest rate might come with restrictive terms, such as very high prepayment penalties, no portability options (the ability to take your mortgage with you if you move), or limited customer service. It's essential to compare the features and flexibility of the mortgage, not just the interest rate.
Prepayment privileges are options that allow you to pay off your mortgage faster, saving you thousands in interest. They typically come in two forms: the ability to increase your regular payments (e.g., by 15%) and the ability to make annual lump-sum payments (e.g., up to 15% of the original principal). Generous prepayment privileges are a key feature of a high-quality mortgage.
Ready to See Your Personalized Rate?
Comparing is the first step. Now, let's find the best rate for your specific financial situation. Our simple wizard provides a personalized quote in minutes.