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 RENEWAL PROCESS

A mortgage renewal is what your existing lender may offer you at the end of your current term. For example, if it has been nearly 5 years since you purchased your first home and you had choose a 5 year mortgage term, then you would likely get a renewal offer in the mail 60 to 90 days prior to the mortgage maturity date. Though it may in some cases be important that that you get a mortgage renewal from your current lender it is probably more important that you review your options with other lenders prior to your existing mortgage maturing.

What does Mortgage Maturity Date mean?

This is the date that the deal you made with you current lender expires and your mortgage becomes due. You can either accept the mortgage renewal offer your existing lender sends you, or, more importantly you become free to change lenders without financial penalty. You should look at this as an invitation to see what else is out there and ensure you have the best rate and mortgage product for your needs.

Why would I transfer or switch my mortgage from one lender to another?

  • A better interest rate
  • A term that better suits your short term or long term goals
  • Pre-payment privileges that will allow for larger lump sum payments against your mortgage principal
  • Payment frequencies that are more in line with your preferred payment schedule
  • Non-financial benefits such as reward programs
  • Warranty programs that are offered by a certain lender
  • Perhaps you are a shareholder of a particular institution and want to pay interest to a lender you own shares in

What do I do if I want to consider other lenders?

Talk to a broker! Don’t want until the last minute though. If you are proactive you may be able to get an interest rate hold in place with a new lender as much as 120 days before your maturity date. This will protect you against rising interest rates. If nothing else, then you will at the very least have mortgage options from a broker that you can compare to the renewal offer you receive from your existing lender. As always, good decisions are based on valuable information.

What is the process called when making a change upon maturity?

It all depends on what you do with your new mortgage. Some of the lingo you may hear:

Refinance: If you decide to stay with your current lender and sign a renewal you will be doing so at a different rate, and possibly with different terms. This is what a refinance is. Keeping the same mortgage amount but changing the terms of the mortgage.

Transfer or Switch: The idea of making a change and taking your mortgage from one lender to another is where the name Switch Mortgage came from. If you decided to take an offer with another lender for a different rate, or terms, but keep the mortgage amount the same this would be a switch/transfer.

Equity Take Out: In the event you are in a situation where you need to increase the size of your mortgage and take the difference between your current balance and the new mortgage amount, then this would be considered an equity take out mortgage.

Will it cost me any money to make a switch or transfer with my mortgage? 

Every situation is going to be different and will depend on a few things; however, the good news is that in most cases the new lender is willing to offer some incentives in order to get your business. Most often you will find lenders willing to do some of the following for you in order to earn your business:

  • Pay for, or reimburse you for an appraisal that may be required
  • Cover the legal fees involved in transferring the mortgage on title from the other lender
  • Sometimes cover up to $2,000 in costs associated with the switch, or let you increase your mortgage to this amount
  • Offer you an interest rate that is more attractive than your current lender

What process is involved in a transfer or switch with my mortgage?

It is like applying for a new mortgage except that there is no purchase agreement. In general you will need to provide your personal information, proof of income, employment history and details on your existing home and mortgage to complete a transfer or switch.

It may take a few days of work, but if the numbers make sense you might find that you can save yourself thousands of dollars simply by changing your mortgage lender.