Mortgages across Canada
Understand your mortgage, then find a better one
Whether you are buying, renewing or refinancing, a licensed mortgage broker compares lenders for you. Learn the basics below, try the calculator, then get a free quote.
- Free for you
- Lenders compared for you
- No obligation
Why a broker?
- Access to banks, credit unions and monoline lenders
- Help with the paperwork and the stress test
- Advice on penalties before you sign
- No fee to you in most cases, lenders pay the broker
Ways we can help
Which mortgage situation are you in?
First-time buyer
Learn what you can afford, how much to save and which programs (such as the FHSA) can help with your down payment.
Renewal
Your term is ending. A broker can shop your renewal across lenders, often with no cost to switch at maturity.
Refinance
Access equity, consolidate debt or change your terms. A broker explains the penalties and the trade-offs first.
HELOC and second mortgage
Borrow against the equity in your home for renovations, investments or other needs.
Self-employed
Income that does not fit a bank’s checklist? Brokers know lenders that assess business owners fairly.
Investment property
Rental and multi-unit financing, with lenders that count rental income.
Know the rules
The three things every Canadian buyer should know
Rules are set federally and can change. Your broker will confirm the current numbers.
Minimum down payment
It depends on the purchase price.
| Price | Minimum |
|---|---|
| Up to $500,000 | 5% |
| $500,000 to $1.5M | 5% of the first $500K, 10% of the rest |
| $1.5M and over | 20% |
Default insurance
Required if you put down less than 20%. It protects the lender, and the premium is added to your mortgage.
| Down payment | Typical premium |
|---|---|
| 5% to 9.99% | 4.00% |
| 10% to 14.99% | 3.10% |
| 15% to 19.99% | 2.80% |
| 20% or more | None |
The stress test
Lenders check that you could still afford payments if rates rose. You generally must qualify at the greater of your contract rate plus 2%, or 5.25%.
Switching lenders at renewal may skip the stress test for some insured mortgages, which is one more reason to compare.
Calculator
Estimate your monthly payment
Uses Canadian semi-annual compounding for fixed rates. A guide only, not an offer.
Mortgage payment estimator
Quick numbers for planning. A broker will confirm real rates and limits.
20.0% of the price. Minimum for this price: $40,000.
Enter the rate you were quoted or expect.
Estimated monthly payment
$2,878
- Mortgage amount
- $520,000
- Total interest over 25 years
- $343,418
Estimate only. Uses monthly payments and semi-annual compounding, as for Canadian fixed rate mortgages. Does not include property tax, heating or condo fees. Insurance premiums and limits can change.
Compare real ratesRenewing?
Your renewal, step by step
Most Canadians renew every 1 to 5 years. Starting early gives you the most leverage.
About 120 days before
Start looking and ask for a rate hold
Many lenders and brokers can hold a rate for up to 120 days, so you are protected while you shop.
60 to 90 days before
Compare offers
Your lender will send a renewal letter. It is rarely the best rate. A broker can compare it against the market.
About 30 days before
Decide
Choose to stay, or switch lenders. Ask about fees, prepayment options and the term length.
Renewal date
Sign and you are set
Return the paperwork before the deadline. If you do nothing, you may be rolled into a higher rate.
How it works
Getting matched takes about two minutes
- 1
Tell us your situation
Buying, renewing or refinancing, plus a few details.
- 2
Meet your broker
We connect you with a licensed mortgage broker in your province.
- 3
Compare lenders
See options side by side, with the pros and cons explained.
- 4
Choose what fits
Move forward only if it is right for you.
Questions
Mortgage FAQ
How much down payment do I need?
In Canada the minimum is 5% of the first $500,000 of the price, 10% of the part from $500,000 to $1.5 million, and 20% for a home priced at $1.5 million or more. These rules can change, so your broker will confirm the current limits.
What is mortgage default insurance?
If your down payment is under 20%, your mortgage must be insured against default. The premium is a percentage of the mortgage and is usually added to it. The insurance protects the lender, not you.
What is the mortgage stress test?
Lenders check that you could still afford your payments at a higher qualifying rate than the rate you will actually pay. It is a safety margin, and it affects how much you can borrow.
Fixed or variable rate?
A fixed rate keeps your rate the same for the term, so payments are predictable. A variable rate moves with the lender prime rate. The right choice depends on your budget and comfort with change, and a broker can show both side by side.
When should I start looking at my renewal?
Many lenders allow you to lock a rate up to about 120 days before your term ends. Starting then gives you time to compare offers instead of accepting the first renewal letter.
Can I switch lenders at renewal?
Usually yes. Moving to a new lender at the end of your term generally does not trigger a prepayment penalty, though the new lender may need to approve you again. A broker can check your options.
What if a bank turns me down?
Brokers also work with credit unions, monoline lenders and private lenders. These can suit self-employed borrowers, newcomers or people rebuilding credit, often at a higher rate or fee, which your broker explains up front.
Does using a mortgage broker cost me anything?
In most cases no, because the lender pays the broker. If a fee ever applies, for example with some private lending, the broker must tell you before you commit.
Ready to see your options?
Get a free mortgage quote from a licensed broker. No obligation.