Current Best Mortgage Rates
Personalized Mortgage Quotes
Compare mortgage rates from banks and brokers and save $1500+ on your mortgage
Ratemart provides you with the lowest mortgage Rates in Canada. You can compare between rates provided by Banks with the best rates offered by Mortgage Brokers all in one convenient location.
Want to find an experience Mortgage Broker in your area? Our Comprehensive Mortgage Quote system that connects you to a Mortgage Broker that best suits your requirements.
Our online Mortgage Calculators help you check if you qualify for a mortgage, calculate your monthly mortgage payments, check your credit score, compare between renting and buying.
Ratemart.ca is for mortgage seekers who are looking to compare and save in their search for obtaining or refinancing their mortgage. You can find best rates by connecting with our database of Mortgage Brokers. Mortgage Broker who could offer low rates
We display interest rates from the Country’s largest Banks along with rates from our Mortgage Brokers so you can compare and calculate your Rate Type, Pre-Payment and Monthly Payment.
Info Corner provides detailed information about the entire mortgage process. It has a wealth of knowledge; so whether you are a newbie or a veteran, you will find this section useful for all your questions.
Why Our Customers Love Ratemart
“Ratemart was a wonderful resource for me and my husband to connect us with a Mortgage Broker who could offer low rates, was local and whose specialties matched our requirements.”
Gail T. - Calgary, AB
“It was my first home purchase so I was a little intimidated and confused about the various types of Mortgages and how to forecast for the future. I used Ratemart to search brokers by city and found a broker who answered all my questions; I’m now a Homeowner!”
Jeannie S. - Toronto, ON
“Not only did I find a great Mortgage Broker through Ratemart who contacted me right away, I was able to obtain knowledge of various rates so I was better informed to ask questions from my Broker."
Paul G. - Vancouver, BC
Best Mortgage Rates
When it comes to finding the best rates for your mortgage, Ratemart.ca can potentially save you $5000+ over 5yrs, and $30,000+ over the course of your mortgage by comparing mortgage rates.
Trusted by Leading Mortgage Brokers and Borrowers, Ratemart.ca has assisted thousands of Canadians in their search for getting the Best Mortgage Rates and we can help you too!
If you are looking to find Mortgage Rates in Canada, Ratemart.ca can help you sort Mortgage Rates by Province such as Mortgage Rates Ontario, Mortgage Rates Alberta, Mortgage Rates Quebec, Mortgage Rates British Columbia, Mortgage Rates Manitoba and other provinces.
Fixed Mortgage Rates
Fixed Mortgage Rates are the least risky and the most popular type of Rate with Canadian Home Buyers.
A Fixed Mortgage Rate is a rate that is locked in so if Prime rates rise or fall, your fixed rate never will. Fixed Rates can have Open or Closed Terms and are typically between 1-10 years but some lenders also offer a 25 year term.
In 2012 for recently purchased mortgages, the percentage of fixed mortgage rates was a whopping 79%. From 2012 to present, the average actual rate for 5 year fixed mortgage rate has been 1.85 percentage points lower than typical posted rates. The 3 year fixed mortgage rate in the last 10 years has averaged 5.38%.
5 Year Fixed Mortgage Rates
A five year fixed rate mortgage rate does not fluctuate and is locked in for the 5 year term of your mortgage. Your rate never changes until the end of the term. After the five year term has ended, you have an option to pay it off, renew it with the same lender or switch to another lender. A 5 year fixed Mortgage rate is often a closed mortgage which means that it can’t be paid in full prior to the maturity date without getting a penalty. It is important that you do your research to find the best mortgage plan for you.
Ratemart.ca has the best 5 Year Fixed Mortgage Rate in Ontario, 5 Year Fixed Mortgage Rate in Alberta, 5 Year Fixed Mortgage Rate in Quebec, 5 Year Fixed Mortgage Rate in British Columbia and all other Canadian Provinces.
Types of Mortgage Rates in Canada are fixed open, fixed closed, variable open, variable closed and a hybrid/combination mortgage in which a portion of the mortgage is a fixed mortgage rate and the other is a variable mortgage rate. The hybrid mortgage allows borrowers to lock in a portion of their mortgage at a higher fixed rate and a portion at the lower variable rate. In Canada, the May 2013 CAAMP/ Maritz study found 69% mortgage holders have fixed rate mortgages, 26% have variable and adjustable rate mortgages and 5% have combination (hybrid) mortgages.
Ratemart.ca has the best mortgage payment calculators to assist you in the analysis of determining if you should purchase, refinance or renew a home, its related costs and more. Our mortgage calculator Canada incudes Credit Score Rating Tool, Mortgage Payment Calculator, Mortgage Pre-qualification Calculator, Mortgage Refinance Calculator, Rent vs. Buy, Amortization Calculator, How Much Do I Qualify For? and Will I Save if I Refinance? Ratemart.ca’s Free Mortgage Calculators are easy.
We are about to launch brand new Mortgage Calculators which will give you more options and will enable you to do a deeper analysis of your situation and options. We want you to be well informed of all the many variables and have you ready once you decide to purchase a mortgage and to be knowledgeable even before you walk in the door to your bank or mortgage broker.
First Time Home Buyers
As a first time home buyer, there are many options and questions when it comes to purchasing a mortgage such as what are the current mortgage rates and what is the mortgage approval process. We also know there are other considerations such as the insurance costs, closing costs and moving costs. Ratemart.ca has anticipated the questions and concerns a first time home buyer in Canada may have to assist in your search for mortgage answers.
We aim is to connect you with a mortgage broker who can assist you during your home buying process and also provide you with the best mortgage rates. Our comprehensive quote system will connect you to a mortgage broker in your area that specializes in your mortgage requirements. We know how difficult this process can be and our wish is we assist you in becoming a new homeowner as effortlessly as possible.
Variable Mortgage Rates
Variable mortgage rates, sometimes called adjustable rates, is a type of interest rate available for mortgages. They come in 5 year variable mortgage rates, 3 year variable rate mortgages rates and some lenders offer a 1 year variable mortgage rate as well. With variable rates, the interest rate changes throughout the mortgage term and is based on the market interest rate, which is also called the Prime rate. Some benefits of variable rates are:
- Statistically variable rates have been cheaper almost 80% of the time.
- Depending on your circumstances, you may be able to lock in a fixed rate for free.
- Some lenders will give you fixed payments so that payments remain constant even when the Prime rate changes.
- Lower Penalties for breaking a variable mortgage early for reasons such as refinancing, selling, divorce, etc., (you can break with only a 3 month interest penalty where fixed rates can incur a very high interest rate differential)
What is the difference between a mortgage broker and a bank? The function of a Mortgage broker is to obtain, assist in obtaining or attempt to obtain a mortgage loan for a borrower from a mortgage lender, in return for consideration or in anticipation of consideration. A Mortgage broker provides a broad range of service and has best rates from multiple lenders, not just one lender, which is the biggest difference between a mortgage broker and a bank.
Ratemart.ca has the best mortgage brokers Canada, mortgage brokers Ontario and mortgage brokers Alberta. We provide our mortgage brokers with great products and services which is the reason we can give you access to some of the best mortgage brokers in Canada. Locate brokers with using our Enhanced Broker search, map search or with our comprehensive mortgage broker quote system.