See each mortgage caters to an individual’s particular needs, so it’s essential to find the mortgage that suits you at the end of the day, but not all mortgage rates are created equal in today’s market. The mortgage terms and conditions can vary, as can the mortgage rate itself. Comparing mortgages before confirming your mortgage financing ensures that you won’t miss a mortgage with great features and a low rate.

This depends on you and your needs. See, closed mortgages are more prevalent in Canada as they have lower rates, but open mortgages have extra flexibility that you might need in the future, which is an important part. Here is more information on the differences between open and closed mortgages below:
Closed mortgages  can come in fixed and variable form, but place restrictions on the amount of principal you can pay down over each year of your mortgage. If you choose to pay off the entire principal in a closed mortgage before the set term, you will face a prepayment penalty that could be expensive.
Open mortgages are great products that allow you to pay off your entire mortgage balance at any time throughout the term of your mortgage. Most people opt for open mortgages if they plan to move shortly or expect a lump sum of money through a bonus or inheritance that allows them to pay towards the mortgage balance.

The main difference between fixed and variable mortgage rates is whether they can change over time. Fixed mortgage rates will stay the same over your mortgage term (usually common trend is five years), while variable rates can and will change alongside changes in your lender’s prime rate as the banks use this rate for there variable mortgage product.
See fixed mortgage rates are the most popular option, with 74% of all mortgages in Canada are using fixed rates in 2016 (Source: Statistics Canada). The benefit of a fixed-rate mortgage is that you are protected against interest rate fluctuations that may happen, so your regular payments stay constant over your term.
More often than not, variable mortgage rates are typically lower than fixed rates but usually will vary over the term. Variable mortgages are prone to market behavior (because of the prime rate), affecting your mortgage payments. That means your mortgage payment amounts can change over the time of your mortgage. In comparison, variable rates are generally lower, with better mortgage break fee options.

The mortgage rates you see on Rates4u.ca are updated every few minutes. Our mortgage rates are from two methods: Mortgage brokers can log in to our platform, update their rates, and source rates from Canadian bank websites.

Your mortgage prepayment options outline the flexibility that you have to pay down your mortgage or increase your monthly mortgage payments or pay down your mortgage principal as a whole. These terms are set in your mortgage offer.

The mortgage rate hold clause refers to how long before your new home shopping or mortgage renewal date you can lock in the mortgage rate, should that interest rate be a favorable one. The renewal date is when the term of mortgage expires.

There are advantages to getting your next mortgage directly from a mortgage lender like a bank and getting a mortgage through a mortgage broker. While going directly to your current bank lets you consolidate all your financial products with one financial partner, using a mortgage broker allows you to shop around quickly, at no cost to ensure your bank is not taking advantage of you because all your products are with them.
With Rates4u.ca you can speak to multiple banks and multiple mortgage brokers if you want to. Rates4u.ca compare the best mortgage rates in Canada from numerous lenders and mortgage brokers.