Bank Nerd Mortgage Rate Comparison Chart » Bank Nerd
Tuesday Feb 21, 2017

Mortgage Rate Comparison Chart


To help you with mortgage rate shopping, BankNerd partner has compiled the best mortgage rates from the leading banks and mortgage brokers in Canada. These rates are current and updated daily. To inquire on a mortgage rate that interests you and speak to a mortgage professional – free of charge – simply click on the rate below or on the ‘GET DETAILS’ button to the right.
Hint: You can input your mortgage options in the fields at the top of the chart and hover over the “?” icons to learn more about a particular mortgage term.

Not all rates are created equal, which is why the chart above includes other useful mortgage product information to help you compare.

What is the mortgage rate hold?

The rate hold is a clause that denotes the period of time that you have to lock in the prevailing mortgage rate, assuming that the interest rate is a favourable one. For example, if the rate hold is 30 days, then the mortgage rate will be held for a period of 30 days, regardless if rates move up. Think of it as security against the possibility of that rate increasing over the next 30 days.

What are prepayment options?

Prepayment options allow you, the borrower, to increase your monthly mortgage payments by a certain percentage OR pay off a large chunk of your mortgage in the form of a lump sum payment. For example, if your mortgage payment is $1000/month, a 20% monthly prepayment option would allow you to increase that payment to $1200/month. If you’re total mortgage is $100,000, a 25% lump sum provision would permit you to pay down $25,000 annually towards that debt.