There are a number of banks in Canada that offer mortgages for your urgent investment needs. The interest rates for the mortgages vary according to the requirements for which the mortgage is applied and the period for which the sum is to be borrowed and the type of rates applicable.

The banks need sureties for passing your mortgage application and paperwork for completing all legal formalities. Different finance companies bank offer different mortgage rates. So the applicant needs to research well before applying for it. The applicant also needs to compare different options as mortgages are customized to serve individual needs.

The mortgage rates are of two types.

  • Fixed type mortgage rates

These rates are not affected by the market and are immune to any rate fluctuations in the banking. It comprises 66% of the total mortgages across Canada.

  • Variable type mortgage rates

These rates vary with the market scenario over the duration of the term. And the customer has to pay according to the dynamic rates of interests calculated corresponding to the market behaviour. In general, the variable mortgage rates are lesser than the fixed rates.

There are also different types of mortgages available which are the closed and open type mortgages. In closed type, there is a limit on the repayment of the principal amount, while the open mortgages offer flexible repayment options.

It is necessary to research for various mortgage options available for you requirements while applying for the mortgage. The applicant should compare the mortgage rates from various sources. The banks in Canada offer numerous customized plans to serve your specific demands.  The mortgage rates mostly correspond to the term duration. Following table shows the mortgage  rates for different banks in Canada.

And websites like https://www.ratehub.ca/ provide full assistance in filtering out the best available motgage plan for your requirements. It has a readymade EMI calculator for your clearly assessing your principle, cash-down payments, duration of the term and monthly EMI. The mortgage rates with the complete repayment plan are also shown for various finance brokers.

The mortgage rates for some popular banks in Canada are listed below.

Royal Bank:

Royal Bank offers a two year term mortgage at 2.340 percent and 2.390 APR, while for 3 and five year terms the rates are 2.540 and 2690 respectively. More information regarding Royal Bank mortgage rates contact Homula mortgage brokers on http://realestate.homula.com

2 year term

2.340%

2.390%

3 year term

2.540%

2.580%

5 year term

2.540%

2.580%

Table I : Shows Royal Bank mortgage Rates

Fixed Rate Mortgages Term Rate
CIBC Fixed Rate Closed Mortgage 1 year 2.84%
The security of a fixed interest rate, so you always know exactly what your payments will be. 2 years 2.79%
3 years 3.39%
4 years 4.09%
5 years 4.79%
7 years 5.85%
10 years 6.09%
CIBC Fixed Rate Open Mortgage 6 months 6.95%
The security of a fixed interest rate and the flexibility to pay off as much of your mortgage as you want, when you want 1 year 6.35%

CIBC Bank:

CIBC bank Canada offers customized mortgage scheme, the table (II) delineates the current fixed mortgage rates for the bank varying with the period of the term. For more information and guidance on CIBC bank mortgages contact Homula professional on http://realestate.homula.com

TD Canada Trust:

TD Canada Trust 1 year fixed mortgage rate at 3.04 percent while for 3 year and 4 year it gives a special offer with 2.36 and 2.57 percent rate respectively. More details for customised plans for TD Canada Trust mortgages contact Homula mortgage advisors.

1 year fixed 3.04%
2 year fixed 2.84%
3 year fixed 3.44% 2.36%
Special Rates 2,3
4 year fixed 3.89% 2.57%
Special Rates 2,3
5 year fixed 4.64%
Fixed Rate Closed Mortgage
Term Rate APR
3 year 2.54% 2.57%
5 year Smart Fixed 2.59% 2.61%
5 year 2.69% 2.71%
7 year 3.54% 3.55%

Bank of Montreal:

Bank of Montreal has a fixed rate closed mortgage available at 3.54 percent for 7 year period. For more information regarding mortgage rates for specific customer needs you can contact Homula professionals.

Citizen Bank of Canada:

Citizen Bank has set its mortgage rate at 3.375 on fixed term with the monthly payment towards principle kept at $1418. Citizen Bank of Canada offers 15 year fixed mortgage at 3.375% rate. Citizen Bank of Canada offers 15 year fixed mortgage at 3.375% rate. For more information and guidance on Citizen bank of Canada mortgage schemes contact Homula professional on http://realestate.homula.com

Open Term Rate
6 months 6.20%
1 year 6.35%
Closed Term Rate
6 months 4.45%
1 year 3.14%
2 year 3.14%
3 year 3.39%
4 year 4.09%
5 year 4.64%
7 year 5.44%
10 year 6.04%

HSBC Bank, Canada:

HSBC bank Canada provides 6 months mortgages at 6.20 percent for open term while for closed term the rate it 4.45 percent for 6 months. And the rates increase with the period of the term. The closed term mortgage for 10 years is rated at 6.04 percent. For more information and guidance on HDFC bank mortgages contact Homula professional on http://realestate.homula.com

Home Trust, Canada:

Home Trust offers 3.14 percent rate one year fixed type mortgage. For four and five years the rates are 4.39 and 4.64 percent respectively. More information regarding the customised mortgage schemes can be obtained by contact Homula professionals on http://realestate.homula.com/contact-us/.

Term Posted Rate
1 YEAR FIXED 3.14%
2 YEAR FIXED 3.04%
3 YEAR FIXED 3.65%
4 YEAR FIXED 4.39%
5 YEAR FIXED 4.64%
Term Closed
3 months 4.150
6 months 4.400
1 year 3.140
2 years 3.040
3 years 3.390
4 years 3.890
5 years 4.740
6 years 5.140
7 years 5.300
10 years 6.100
1 month 2.700

National Bank, Canada:

It offer three months period mortgage at the rate of 4.15 percent (Table IX) and the rate increases with the duration of the term as for seven year period the rate is fixed at 5.30 percent. More information regarding mortgage rates of National Bank can be collected by contacting Homula mortgage professionals on web-link http://realestate.homula.com/contact-us/.

Ratehub:

It is a website for comparing and filtering out the various mortgage rates available in Canada for your specific requirements. It gives the customer complete idea regarding the best schemes available for his mortgage needs in the market.

In the above table(IV) mortgage rates from various finance brokers are shown. It provides all necessary details regarding the options to be chosen while opting for the mortgage. The table depicts data for prepayment options that are available for the payment along with the holding period. The mortgage details for any amount or duration can be calculated using the Menu option on the following weblink
https://www.ratehub.ca/best-mortgage-rates/1-year/fixed?scenario=purchase&home_price=400000&down_payment_percent=0.15&amount=349520&amortization=25&live_in_property=true&pre_approval=false

The customers can also compare the rates of different option available to opt for taking the mortgage. The comparison among various financial brokers and banks can be drawn. This analysis also weighs up the terms such as cash down payments, the flexibility of repayment options and other significant details.

Mortgage options are also shown corresponding to local rates for the city. The local rates can also be searched adding the name of the city on the weblink like mortgage rates in Toronto or Ontario will search for the mortgage rates available at your location.

Therefore, a careful analysis of all the available option for the mortgage is important. Online sources for assessing the related information can be useful for filtering the best available scheme for your financial requirements.