CURRENT RATES

5 Year Mortgage Rates
Term TypeRatePromo & Info
5 YearFixed (standard)2.49%
5 YearFixed (promo)2.29%-*call for restrictions
-High Ratio Only
-Meet property guidelines
5 YearFixed (promo)2.49% & -Condo Doc Review, Reimbursement $500 *call
5 YearVariable (promo)2.10%
* Subject to change without notice *OAC *Some Underwriting Restrictions Apply
Our Mortgage Rates
TermTypeRate
2 YearFixed2.19%
3 YearFixed2.29%
4 YearFixed2.39%**High Ratio Only
5 YearFixed2.29%**restricted, call for details
6 YearFixed2.99%
7 YearFixed2.99%
10 YearFixed3.54%

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MORTGAGE AMORTIZATION

What is Mortgage Amortization?

In its simplest form mortgage amortization is the total length of time it will take you to pay off your mortgage. If the amortization period is longer, payments will decrease but the time it takes you to pay off your mortgage will increase. If the amortization period is smaller, your payments will increase and the time it takes to pay off your mortgage will be shortened.

Example:  Let’s look at a mortgage of $200,000, a rate of 6% and amortizations that range from 20 years, 25 years, and 30 years to see what happens.

Chart #1

Amortization Period
Monthly Payments
Total Interest Payments
Total Payments Amortization Period
Principal Payments After 5 Years
% Original Loan Outstanding (after 5 years)
20 years $1,424.38 $141,850 $341,850 $30,108 85%
25 years $1,279.61 $183,885 $383,885 $20,327 90%
30 years $1,199.10 $231,677 $431,677 $14,062 93%

**Payments over a period > than 1 month have been rounded

Does increasing the amortization period increase the amount of interest being paid over the life of the mortgage?

Yes. You can see from chart #1 that as you lengthen the amortization (paying your mortgage off in an extended period of time) the amount of interest paid on the lifetime of the loan does increase. The tradeoff between paying more or less interest is the burden of a higher monthly payment when decreasing the amortization and interest rate cost

Does decreasing the amortization period decrease the amount of interest being paid over the life of the mortgage?

Yes. You can once again see from chart #1 that as the amortization is decreased (paying your mortgage off in a shorter time period) the interest rate cost will decrease as well. For example, the $200,000 mortgage amortized over 20 years versus 30 years will save you interest in the amount of $89,827.  ease the amount of interest being paid over the life of the mortgage?

How can I reduce my interest rate cost (total cost of borrowing)?
  • By making Lump Sum payments on your mortgage when you have extra money. Ensure that you do not make more than the maximum Pre-Payment Allowance to avoid prepayment penalties.
  • By changing your Payment Frequency to an accelerated model whereby you contribute the equivalent of 2 extra monthly mortgage payments per year. I.E. Accelerated Bi-Weekly Payments, Accelerated Weekly Payments
  • By decreasing your interest rate. The lower your interest rate, the less interest you will pay so always make sure you check with a broker 120 days prior to your Mortgage Renewal,  and it never hurts to do a mortgage check-up on an annual basis
  • As discussed above, make an adjustment to decrease your Mortgage Amortization but before doing so make sure you can handle the increase in the payments