Best Mortgage Rates in Canada 2020

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Compare the Best
Mortgage Rates in Canada

Buying a home is a big step. Getting the right type of mortgage at the best possible rate can save you thousands of dollars and make home-ownership much more affordable.

To help you find the best mortgage rates in Canada, Insurdinary has compiled a list of the top mortgage options below.
Tangerine logo thumb image
Tangerine keeps things simple with competitive upfront Mortgage rates. You’ll get a dedicated Mortgage Account Manager to guide you through the whole process whether you’re buying a new home or refinancing. Your Mortgage will be portable, meaning that if you move, you can take it with you without any fees and at the same rate.


5 year fixed rate: 2.14%
Fully digital process with dedicated support from your Mortgage Account Manager
Flexible repayment options
Borrow amount: $50,000+
Minimum Credit Score: 620, no prior bankruptcy
Manulife Bank Logo
If you’re refinancing a mortgage with at least 20% equity or purchasing a new home with 20% or more down, Manulife has unique mortgage options for you. Manulife One combines your mortgage and other debts into a single account, connected to your savings and checking. Your earnings are applied to your debts, reducing the balance and minimizing your interest expenses.

The money is still available for your use, similar to a revolving line of credit. Any money sitting in your account will effectively earn you back your mortgage interest, which is likely quite a bit higher than the interest rate on a typical savings account.


5-year fixed closed mortgage at 3.79%
Includes full-featured checking and savings accounts
Reduces mortgage interest costs automatically with your bank balance
Repay mortgage at your own pace, within your borrowing limits
Easy access to home equity credit for emerging expenses
Meridian Logo
Meridian offers a wide range of mortgages and rates to fit your needs. Application is simple and can be completed online, in a bank branch, or over the phone. You can even set an appointment for a mortgage specialist to come to you.

Meridian offers 20/20 prepayment options and a yearly “Skip a Payment”. You can create a custom payment schedule based on your budget, and even safeguard your home with Group Mortgage Protection.


5-year fixed closed mortgage at 2.49%
20/20 prepayment privileges
“Skip-a-Payment” once per calendar year
“Flex-Equity Mortgage” that combines your regular mortgage with a line of credit
Free mortgage calculator on
Fast application and approval process
Flexible payment schedule
BMO Insurance Thumb Logo
Whether you’re buying your first home, renewing, or refinancing, Bank of Montreal can help!

BMO offers a wide range of mortgage options and flexible repayment plans. Their website is full of helpful information on how to choose a mortgage, how to set a payment plan, and how to determine how big of a home you can really afford.

Plus, if you find yourself in a financial bind, they even have solutions to help you stay current on your payments.

Bank of Montreal (BMO)

3-year fixed rate closed mortgage at 3.32% APR
“Skip a Payment” and “Take a Break” options help you stay current in an emergency
Family Care allows for longer payment deferral during family illness or unemployment
Free mortgage calculator to determine best mortgage for you
Mortgage Cash account allows you to re-borrow against your prepayments
Helpful online information to help you buy your first home

Find the Best Mortgage RatesOnline with Insurdinary

Finding the best mortgage for your home can make a big difference. Interest rates and repayment policies can greatly impact the total cost of your home and its monthly impact on your finances.

Unfortunately, comparing mortgage information from several lenders online can take hours and be very complicated. Every lender highlights different information on their website, and you have to browse multiple pages to get a general idea of what every provider offers.

  • Side-by-side comparison
  • Analyze Canada’s most affordable lenders
  • Understand the type of mortgage that’s right for you
  • Free mortgage rate calculator
  • Other financing and insurance options available
  • Types of Mortgages Available in Canada
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Insurdinary Makes it Easy to
Compare Multiple Vendors at Once

Find the ideal option for you. Plus, you’ll save money by choosing a lender with the lowest interest rates available.

Types Of Mortgages Available In Canada

When searching and comparing mortgages, it’s important to know the types of mortgages available and what the differences are.

They can vary in speed of repayment, interest rate, and whether that interest rate changes or remains the same over time. When you understand the features of each type of mortgage, you’ll know you’re comparing equivalent options.
Here are the different types of mortgages to consider:

Fixed Rate Mortgage

The interest rate is set, so you’ll have predictable monthly payments.

Adjustable Rate Mortgage

The interest rate fluctuates and is based on the type of loan you get.

“Balloon” Mortgage

Typically short-term, low payments, and often interest-only.

Interest-Only Mortgage

You only pay interest for a set period of time.

Reverse Mortgage

For seniors only. Gives you access to your home equity’s line for credit.

Government-Backed Mortgage

Lending option that includes loans supported by government entities to help more people buy homes.

Combination Mortgage

80/20 combination home that helps you avoid taking out insurance on the full amount.

Second Mortgage

Otherwise known as a “home equity loan”. Typically has a high interest rate.

Mortgages - 
Frequently Asked Questions (FAQ)

Many home buyers have unanswered questions when it comes to getting a mortgage. This can be a costly mistake if it leads to choosing the wrong option.

Our FAQ section below will help you better understand your options and decide on the mortgage that best fits your needs.

What are fixed and variable mortgages?

Fixed-rate mortgages have a set interest rate for the life of the loan. Regardless of economic fluctuation, you pay the same interest rate. A variable-rate typically remains the same for an initial term, then resets based on the current market rates. This means your variable rate could go up or down, affecting the size of your payment or how much of the payment is applied to the principal.

Some lenders offer a protected variable rate. After the initial term, the interest rate changes according to the market but it cannot exceed a predetermined cap rate. There may also be a predetermined minimum rate, in the event that market rates drop.

Fixed-rates are often slightly higher than variable rates. This is because interest rates are assumed to increase over time, so the variable rate will likely increase when it resets. The lenders estimate in an effort to balance the two.

What is the mortgage "term"?

Not to be confused with the “amortization period” (which is the entire time it takes to repay the mortgage), the “term” is the initial period before rates and other agreed-upon elements of the mortgage can change. This can be anywhere from 6 months to 5 or more years. After the term ends, interest rate and payment arrangements may be renegotiated if you find something more in your favor.

What are open and closed mortgages?

In an open mortgage, you are free to pay off the mortgage at any time, with no penalties. You can also renegotiate the mortgage at any time. A closed mortgage has a set amortization period and paying early will result in prepayment penalties.

You can save substantial amounts of interest by paying an open mortgage off early but they typically come with higher interest rates. If you plan to pay your mortgage more quickly than the required, make sure the interest saved by prepayment makes up for the higher interest rate.

How much is a typical down payment?

Although some lenders and programs can work with much smaller amounts, the typical down payment is 20% of the home’s price. If you’re able to get a mortgage with less than 20% down, you’ll be required to purchase CMHC mortgage insurance, which protects the lender if you default on the loan. Make sure you consider this cost when you compare rates.

In addition to the down payment, remember to plan for closing costs. Closing costs include legal fees, land transfer fees, property taxes, and other costs that must be paid as part of the closing process on your home purchase. These can add up to 3-4% of the sale price of the home.

What is mortgage default insurance and how much will it cost?

Mortgage default insurance is required when paying less than 20% down on a mortgage loan. This is required by law, and not under the control of the individual lender.

Mortgage default insurance protects the lender in the event of a default by paying the remaining debt. It reduces the risk to lenders, allowing them to offer home mortgages to more people at a lower interest rate than would be possible if the risks were higher.

The cost of mortgage default insurance is between 2.80 and 4.00% of the price of the home. However, unlike most closing costs, mortgage default insurance is built into the mortgage and financed over the life of the loan. It increases the total cost of the home and the size of the monthly payments but does not require a lump sum of cash at closing time.
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