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
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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Sometimes bankers, brokers and real estate agents also refer to Equity-Take-Out mortgages, Debt Consolidation Mortgages, Transfers, and Switches as a Refinance Mortgage. This is not entirely incorrect. In general when people refer to a Refinance they mean changing the existing or replacing it with something different.

Whether you are refinancing to gain a better interest rate, more flexible terms, to access equity in your home, or simply because your current mortgage is up for renewal, there are many things to consider, especially with all the new products available today.

Why Refinance?

  • You previously had a higher rate due to tarnished credit, but you’ve improved your credit and want a better interest rate
  • Your home has gained significantly in value and you wish to use some Equity to invest in a vacation home or rental property
  • Debt Consolidation or to pay off higher interest rate credit and/or bills (why not replace the credit card interest rates around 19% with a mortgage rate often under 5%?)
  • You want a product with greater flexibility, perhaps an OPEN mortgage as you plan on paying your mortgage down in the future.
  • Better terms and conditions is one of the most popular reasons. If interest rates have dropped since you signed on the dotted line, why not trade the old mortgage in for a new one?

Alberta allows for the transfer of mortgages from one lender to another which means as a mortgagor/borrower you are very likely to avoid the legal costs associated with reregistering your mortgage on title. Making a refinance/switch/transfer even more attractive are the promotions lenders offer to bring your mortgage over to their institution. In many situations you can transfer your mortgage for a better rate to a new mortgage lender without incurring any costs!