Our Best Canadian Mortgage Rates

The Mortgage Rate used by the banks to determine your mortgage payment cannot be changed once your mortgage is closed, but if you can reduce or eliminate unnecessary interest cost by paying down the principal quickly you can reduce your mortgage equivalent rate.


The Difference between "Canadian Mortgage Rate" and "Mortgage GPS Equivalent Rate"

Last updated on: December 5, 2013
Mortgage Term Canadian Mortgage Rate Mortgage GPS
Equivalent Rate
*

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Equivalent Rate
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1 Year Fixed 2.89 2.57
2 Year Fixed 2.79 2.48
3 Year Fixed 2.94 2.62
4 Year Fixed 3.39 3.01
5 Year Fixed 3.34 2.97
7 Year Fixed 3.99 3.54
10 Year Fixed 4.49 3.97
3 Year ARM 2.70 2.40
5 Year ARM 2.60 2.32
Bridge 6.00 5.27
HELOC 3.50 3.11
*Rates subject to change without notice
 

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Canadian Mortgage Rate is a semi-annual compounded interest rate used by banks to determine mortgage payments of both interest and principal over time (your mortgage amortization period).  Although this rate cannot be changed once a mortgage is closed, you can significantly lowering your interest cost by quickly paying off the mortgage principal.  In other words, lowering your Mortgage Equivalent Rate.

The "Mortgage Equivalent Rate" is a rate of interest adjusted for the potential savings a person can receive from using the Mortgage GPS Program.  Sometimes you can’t control what Mortgage Rate you can qualify for, but you can effectively reduce your interest cost and create the best mortgage rate. However, most people know what they must do but do not necessarily know how various daily decisions may financially affect their future.  The Mortgage GPS is comprehensive financial tool that tracks, calculate, and illustrate how your current and future decisions can affect your finances.  The built in strategies will look for unnecessary interest expenses and streamline your cashflow

The Mortgage Equivalent Rate shown above illustrates how using one  of the many strategies from the program can make a difference.  By identifying unnecessary interest cost and allocating $100 of savings each month towards a $250,000 mortgage with an amortization over 25 year the above table shows the affect of the Mortgage GPS on current Canadian Mortgage Rates.

*"Mortgage GPS Equivalent Rate" is the Mortgage Rate adjusted for interest cost savings over the life of the mortgage by applying of the principals in the Mortgage GPS SmartEquityTM Program. The Mortgage GPS Equivalent Rate expressed above are for illustration only and can vary between people depending on their financial situations.
"ARM" means Adjustable Rate Mortgage
"HELOC" means Home Equity Line of Credit