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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PAYMENT FREQUENCY

Most lenders will offer you some options when it comes to how often and when you are able to make your mortgage payments. Some lenders have more options than others, and some will allow you to make changes during your term on multiple occasions while others are not quite as flexible. There are a few things to consider when picking your payment frequency:

  • Do you want to achieve with your payment frequency? Convenience or Diminishing Principal on your loan?
  • How many times do you prefer to plan for your mortgage payment each month?
  • Does it matter if the payments coincide with your pay cheques?
  • Can you afford to put extra money towards your mortgage on a couple occasions each year?
Payment Frequency
Explanation
Payment Calculation(based on monthly payment)
Result
Monthly
(1 payment per month)
1 payment per month for a total of 12 payments per annum 1 year has 12 months12 ÷ 12 = 1 payment per month
Semi-Monthly
(2 payments per month)
2 payments per month for a total of 24 payments monthly payment ÷ 2 = payment12 months ÷ 2 = 24 payments total amount paid over 12 months is the same as monthly payments
Biweekly
(every 2 weeks)
Every two weeks for 1 year for a total of 26 payments monthly payment  x 12 ÷ 26 = Payment52 ÷2 = 26 payments. total amount paid over 12 months is the same as monthly payments
Accelerated Biweekly
Payment of ½ the monthly payment every two weeks for 1 year for a total of 26 payments monthly payment ÷2 = payment52 weeks ÷ 2 =26 payments equivalent of one extra mortgage payment per year***savings***
Weekly
(one payment each week)
1 payment per week for 1 year for a total of 52 payments monthly payment  x 12 ÷ 52 =  payment52 ÷ 1 = 52 total amount paid over 12 months is the same as monthly payments
Accelerated Weekly
¼ monthly payment paid each week 1 year for a total of 52 payments ¼ x monthly payment = payment52 weeks ÷ 1 = 52 payments equivalent of one extra mortgage payment per year***savings***

Examples of payment frequencies and the result

Mortgage Amount $300,000

Interest Rate: 3.5%, compounded semi-annually

Amortization: 25 years

Monthly Payment Frequency

When you make your payment one time each month this is a monthly payment frequency. It is normally on the 1st of each month but this can vary and has 12 payment periods per year. If you like worrying about payments only one time per month this may be the best option for you. Some lenders will allow you to adjust your monthly payment even after your mortgage has funded, or else when you are somewhere in the middle of your mortgage term.

Mortgage Payment Frequency

Bi-Weekly Accelerated Payment Frequency

Calculation: $1,497.81 ÷2 = $748.91 payment every two weeks 26 times (52 weeks ÷ 2 = 26 payments)

The bi-weekly accelerated payment frequency actually accelerates the rate at which you pay down the principal on your mortgage loan. How? Well by making ½ the monthly payment every two weeks you end up making the equivalent of one extra monthly mortgage payment in 12 months’ time which will reduce the amount of money you owe at the end of the year. Because you owe less money, you will ultimately end up paying less interest. Bi-Weekly accelerated payments are one of the most popular options for aggressive prepayment planers.

Bi-Weekly Mortgage Payment

Accelerated Weekly Payment Frequency

Calculation: $1,497.81 * ¼ = $374.45 per week for 52 weeks, and 52 payments (52 ÷ 1= 52 payments)

An accelerated weekly payment frequency will see you making a payment each week that is the equivalent to ¼ of the monthly payment. 52 payments of this amount will be the equivalent of making one entire extra monthly mortgage payment over the 52 week period which results once again in a smaller loan balance at the end of the year, and ultimately a less interest being paid over time.

Some individuals would rather split up the monthly obligation into smaller amounts to avoid affecting them specifically in any one pay period. Investors that take post-dated cheques from their tenants on a revenue properties sometimes like weekly frequencies it means having to hold less money on deposit to cover bounced payments, or prevent the need for an overdraft on their account.

Accelerated Mortgage Payment

Warning:

Before you get overly aggressive on your mortgage payments be sure to make sure the payment amount you are committing to is sustainable over time!