Canada’s new housing price index (NHPI) dropped by 0.4% in April—its lowest level since...
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Toronto-Dominion Bank
- 3 Year Fixed Closed: 4.59% (APR 4.624%)
- 5 Year Fixed Closed: 4.54% (APR 4.561%)
- 5 Year Variable Closed: 4.89% (TD Mortgage Prime Rate 5.10% – 0.21%) (APR 4.911%)
Why Getting Pre-Approved for a Mortgage Matters
Getting pre-approved for a mortgage helps you understand your budget, strengthens your offer, and prevents surprises during the home buying process. It's a smart first step to buying with confidence
Know Your True Budget
Pre-approval gives you a realistic idea of how much home you can afford, preventing wasted time on properties outside your price range.
Strengthens Your Offer
Sellers see pre-approved buyers as serious and financially reliable, which gives your offer more weight in competitive markets.
Locks in Your Interest Rate
Many lenders allow you to lock in a rate at pre-approval, protecting you if rates rise while you're still shopping.
Beyond the Big Banks
Not every mortgage fits into the big banks box — and that’s okay. Whether you're self-employed, have unique income sources, or need more flexible approval criteria, alternative lenders offer creative solutions to help you secure financing. Explore a range of competitive options from credit unions, monoline lenders, and private mortgage providers right here.
3 Yrs Variable Rate – 4.95%
5 Yrs Variable Rate – 4.95%
3 Yrs Fixed Closed – 5.14%
5 Yrs Fixed Closed – 4.99%
3 Yrs Fixed Insured – 4.54%
5 Yrs Fixed Insured – 4.29%
Explore their website for flexible mortgage solutions tailored to every need
MERIX offers competitive rates – METRIX Prime Rate start at 4.95%
Mortgage solutions that make life easier for Canadian homeowners.
3 Yrs Close – 5.24%
5 Yrs Open – 5.45%
Provide quick approvals and transparent rate to help you to get a right mortgage
Specializing in mortgages that meet the unique borrowing needs of Canadians
Mortgage products for everyday Canadians looking for enhanced value, service and flexibility.
3 Yrs Fixed Closed – 5.79%
5 Yrs Fixed Closed – 5.89%
We offer a wide range of mortgage products to meet your unique needs.
MORTGAGE FAQ
To qualify for a mortgage, lenders will assess your income, credit score, debt-to-income ratio, employment history, and down payment amount. Most lenders require a minimum credit score of 600–680 and proof of steady income. You’ll also need to pass the mortgage stress test, which ensures you can afford payments if interest rates rise.
The mortgage term is the length of time you commit to a specific lender, rate, and terms—usually 1 to 5 years. The amortization period is the total time (e.g., 25–30 years) it will take to fully pay off your mortgage.
A fixed-rate mortgage has an interest rate that stays the same throughout your term, offering stability in monthly payments. A variable-rate mortgage changes with the prime rate set by your lender, which can make payments go up or down depending on interest rate changes. Fixed is better for predictability; variable may save money if rates stay low.
Yes. Programs like the First-Time Home Buyer Incentive and Home Buyers’ Plan (HBP) allow you to lower monthly payments or use your RRSP to help with a down payment. Provincial programs may also offer tax rebates or grants.
Mortgage default insurance protects the lender if you fail to repay your loan. It’s mandatory if your down payment is less than 20% of the home’s purchase price. The premium is added to your mortgage balance.
Mortgage Tips & Guides
Get practical advice on navigating the mortgage process in Canada—from choosing between fixed and variable rates to understanding pre-approvals, amortization, and closing costs. Whether you're a first-time buyer or refinancing, these tips will help you make informed, confident decisions.
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