Best Ontario Mortgage Rates

Best Ontario Mortgage Rates

Our mortgage rate comparison tool will enable you compare and find the best mortgage rates in Ontario from all Canadian financial institutions in seconds. We simplify the process of comparing mortgage rates by placing rates from big banks, mortgage brokers Ontario, and small lenders all in one place.

Best 3-Year Fixed Mortgage Rates.

5.54%
Tangerine
6.94%
Simplii Financial
7.2%
BMO

Best 5-Year Fixed Mortgage Rates.

5.54%
Tangerine
6.79%
Simplii Financial
7.04%
BMO

Best 5-Year Variable Mortgage Rates.

6.85%
Tangerine
7.2%
BMO

What Percentage Should I Give as a Down Payment?

Most banks prefer at least 20% down, but if you cannot afford 20% down then you can take out a high-ratio mortgage with approval from one of the three major Canadian mortgage insurers.

How Long do You Repay a Mortgage?

Mortgage terms differ depending on monthly mortgage payments. In general, shorter terms mean less interest and overall lower costs, but if you cannot afford high monthly payments then a long-term mortgage may be the best choice. The most common mortgage term in Canada is a 5-year term with a 25-year amortization period.

What is the Best Mortgage Loan Type for Me?

Before choosing a variable or fixed mortgage you need to carefully look at your monthly budget. If you have fixed expenses and a fixed income then a fixed-rate mortgage that is stable and predictable will likely be the best choice for you. If you have fluid income and the ability to accommodate fluctuating payments a variable rate mortgage may help you save during periods in which rates are low.

How Do I Compare Current Mortgage Rates?

The best way to compare mortgage rates is by utilizing an online comparison website like Trust My Rate Compass. We provide mortgage rates from all major and small lenders across the country. All of our rates are updated in real-time so our customers always have access to current rates.

How Much Can I Borrow for a Mortgage?

The amount you can borrow for a mortgage is dependent on your debt to income ratio. This ratio looks at how much income you bring in each month (along with any accessible assets) and then compares this amount to how much debt you have currently incurred. The amount of free income that remains is used to configure how much you will be pre-approved for. Banks measure risk when offering mortgage loans to customers, so you need to show you have the financial resources to pay for a mortgage before the lender will offer you a higher amount.

How Do I Choose a Mortgage Lender?

If you are working with a mortgage broker, they will match you with the mortgage lender that will grant you the best mortgage rate based on your credit history and income. If you are not working with a mortgage broker, working with a comparison website like Trust My Rate Compass can help you narrow down mortgage lenders to find one that offers a low rate based on your circumstances.

Which Banks Have the Best Mortgage Rates?

It is impossible to predict which banks have the best mortgage rates as this answer will change based on your financial profile. Using a comparison website is the best way to receive tailored results so you can figure out the best mortgage lender for your personal situation.

How Can I Save on Mortgage Interest Rates?

If you do not like the mortgage interest rates you are offered, you can continue to shop around for better rates. Comparing rate offers daily on Trust My Rate Compass is a great way to trace whether rates are increasing or decreasing across the country. Sometimes small lenders offer more attractive rates than the larger lenders because they need to increase their profile, and we can help you find them. If your interest rate