Compare Mortgage Rates - Branko Kovacevic Mortgage Broker Services

Compare Today’s Mortgage Rates

 

 

Answer a few questions about your loan preferences to compare mortgage rates from over 50 lenders.

Home Buyer's Gateway
Buying a Home

I am shopping for a home or just curious about the rates.

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Mortgage Renewal

I want to renew my mortgage or compare my current lender’s offer.

Refinancing Solutions
Refinancing

I want to refinance to lower my mortgage payments.

Today’s rates starts from

3 year fixed4.99%
5 year fixed4.88%
5 year variable6.20%

*Rate may vary provincially and are subject to change without notice 

Find Bank of  Canada interest rates, along with supporting data and background information Click here.

5-Year conventional mortgage rate, Canada (2015-2925)

Line graph depicting the 5-Year conventional mortgage rate in Canada from 2015 to 2025.

Source: Canada Mortgage and Housing Corporation

Frequently asked questions

Mortgage rate refers to the percentage of the total loan amount (i.e., the interest rate) that the borrower pays to the lender over the duration of the loan. Fixed mortgage rates remain constant throughout the mortgage term, whereas variable mortgage rates vary in accordance with a publicly updated benchmark interest rate, reflecting the borrowing cost in various markets.

The mortgage amortization period is the length of time it takes to pay off the entire loan, typically expressed in years. In Canada, common amortization periods range from 25 to 30 years, although shorter or longer terms are also available. During this period, regular payments are made towards both the principal amount borrowed and the interest accrued. Shorter amortization periods result in higher monthly payments but lower overall interest costs, while longer periods reduce monthly payments but increase total interest paid over time.

A mortgage term refers to the duration of time that a mortgage agreement is in effect between a borrower and a lender. Typically, mortgage terms in Canada range from one to ten years, during which the borrower makes regular payments based on an agreed-upon interest rate and repayment schedule. Once the term expires, the borrower can either renew the mortgage at the prevailing rate or negotiate new terms with the lender.

In Canada, mortgage insurance protects lenders in case borrowers default on their loans. It’s typically required for down payments below 20% and is provided by insurers like Canada Mortgage and Housing Corporation (CMHC). This insurance allows lenders to offer loans with lower down payment requirements to homebuyers. Read more

 

Choosing between a variable and fixed mortgage depends on your risk tolerance and market outlook. Fixed-rate mortgages offer stability with consistent payments, while variable rates can result in savings if interest rates stay low, but may increase over time. Consider your financial situation and consult with a mortgage advisor to determine the best option for you. Read more

The interest rate reflects the percentage of the loan balance paid to the lender monthly, representing the borrowing cost. On the other hand, the annual percentage rate (APR) encompasses the total borrowing cost, comprising the interest rate alongside extra fees like discount points and other loan-related expenses, expressed as a percentage of the loan amount.

 

Lenders base mortgage rates on various factors including a borrower’s credit history, down payment, and economic indicators like inflation and job growth. While there’s no fixed formula, lenders assess these elements to set rates, resulting in variations between lenders. Click here to read more.

A mortgage broker acts as a middleman between borrowers and lenders, offering access to a wide range of mortgage products and negotiating better rates and terms on behalf of the borrower. They provide personalized advice and streamline the mortgage application process, ultimately saving time and potentially money for the borrower. Click here to read more…

To qualify for a mortgage insurance refund for an energy-efficient home in Canada, you must have obtained mortgage insurance through an approved insurer like Canada Mortgage and Housing Corporation (CMHC). Your home must meet specific energy efficiency criteria outlined by the insurer. Once your home’s energy efficiency is verified, you can apply for the refund directly through the insurer, providing documentation of the energy-efficient features installed in your home. Click here to read more…

If rejected by a bank, self-employed individuals can still explore other possibilities with the support of a mortgage broker. Mortgage brokers can assist in choosing the right lender, as lenders vary significantly in qualification requirements. One option is to calculate income – stated income, leveraging additional documentation and financial analysis to demonstrate creditworthiness. Click here to read more…

A credit score is a numerical representation of an individual’s creditworthiness. In Canada, it’s calculated based on factors such as payment history, credit utilization, length of credit history, types of credit, and new credit inquiries. Credit scores typically range from 300 to 900, with higher scores indicating better credit health. To improve a credit score, individuals can pay bills on time, keep credit card balances low, maintain a diverse credit mix, avoid opening multiple new accounts in a short period, and regularly check their credit report for errors. 

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