Question 1

Why do you show a lender type instead of the lender name?

Accepted Answer

The rate a lender offers depends on your down payment, credit, income and the property itself, so the name attached to a headline rate tells you very little. What does matter is the kind of lender behind it, because that determines the penalty structure, prepayment terms and how flexible the approval is. We show the category, and your broker tells you exactly which lender fits once we know your file.

Question 2

What is the difference between a Big Bank, a Canadian Lender and a Private Lender?

Accepted Answer

A Big Bank is one of the Big Six chartered banks. A Canadian Lender covers monoline lenders, credit unions and trust companies that often price more sharply and calculate penalties more fairly, but do not have branches. A Private Lender funds against the equity in the property rather than your credit score, and is used for short-term or complex situations at a higher rate.

Question 3

Is the lowest 6-year fixed rate the one I will get?

Accepted Answer

Not necessarily. The rates here are insured rates, which assume a down payment under 20 percent on an owner-occupied property under $1.5 million. If you are refinancing, buying a rental, putting 20 percent or more down, or you are self-employed, your pricing changes. Getting a real quote takes a few minutes and does not affect your credit.

Question 4

What does insured mean?

Accepted Answer

An insured mortgage carries default insurance, usually from CMHC, Sagen or Canada Guaranty, and is normally required when your down payment is less than 20 percent. Because the lender carries less risk, insured mortgages are priced lower than uninsured ones. The premium is added to your mortgage balance.

Question 5

Should I take a fixed or a variable rate?

Accepted Answer

A fixed rate holds your payment steady for the whole term, which is worth paying for if a payment increase would strain your budget. A variable rate moves with the prime rate, so it can save money when rates fall and cost more when they rise. Variable mortgages also usually carry a much cheaper break penalty, which matters if there is any chance you will sell or refinance mid-term.

Question 6

How often do these rates change?

Accepted Answer

Lenders reprice as bond yields and the Bank of Canada policy rate move, sometimes more than once in a week. We update this page as new rate sheets come in, and the date below the table shows when it last changed. A rate hold locks your pricing for 90 to 120 days once you are approved.

Question 7

Does comparing rates here affect my credit score?

Accepted Answer

No. Viewing this page involves no credit check. When you apply, we pull your credit once and use that single inquiry to shop multiple lenders, which is why using a broker does not multiply the hits on your report the way applying to several banks separately would.

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