3-Year Variable Open Mortgage Rates

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Mortgage Amount If you are buying a home, the mortgage amount is the home price, minus your down payment, plus CMHC insurance if your down payment is less than 20%. If you are renewing or refinancing your mortgage, your mortgage balance is the value of your mortgage.
Type Please tell us which type of mortgage rate you want. A fixed mortgage rate is one that stays the same throughout the duration of your mortgage term. A variable mortgage rate is attached to Prime, which means it will fluctuate if Prime goes up or down. An open mortgage is one that can be prepaid anytime without penalty, but comes with higher rates. And a cash back mortgage gives you the option to borrow some extra cash when you buy your home. Term The mortgage term is the amount of time a home buyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration. Location Please ensure your location is correct in order to find the best rates available in your area.
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  years

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  years
Type Please tell us which type of mortgage rate you want. A fixed mortgage rate is one that stays the same throughout the duration of your mortgage term. A variable mortgage rate is attached to Prime, which means it will fluctuate if Prime goes up or down. An open mortgage is one that can be prepaid anytime without penalty, but comes with higher rates. And a cash back mortgage gives you the option to borrow some extra cash when you buy your home. Term The mortgage term is the amount of time a home buyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration. Location Please ensure your location is correct in order to find the best rates available in your area.
More options
Fewer options

Update results

Hit enter or click outside the box to refresh your results

Update results

Hit enter or click outside the box to refresh your results
Type Please tell us which type of mortgage rate you want. A fixed mortgage rate is one that stays the same throughout the duration of your mortgage term. A variable mortgage rate is attached to Prime, which means it will fluctuate if Prime goes up or down. An open mortgage is one that can be prepaid anytime without penalty, but comes with higher rates. And a cash back mortgage gives you the option to borrow some extra cash when you buy your home. Term The mortgage term is the amount of time a home buyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration. Location Please ensure your location is correct in order to find the best rates available in your area.
More options
Fewer options
  years

Update results

Hit enter or click outside the box to refresh your results
Location Please ensure your location is correct in order to find the best rates available in your area.
Rate Provider Hold until Prepayment options Payment
4.00%
Prime + 0.80
Alterna Savings Nov 19
No pre-approval
0 % Lump Sum 0 % Regular $ Get this rate
4.40%
Prime + 1.20
Bank of Montreal Feb 17
No pre-approval
20 % Lump Sum 20 % Regular $ Get this rate
4.70%
Prime + 1.50
HSBC Feb 17
No pre-approval
20 % Lump Sum 20 % Regular $ Get this rate
No pre-approval
Lump Sum N/A Regular N/A Get this rate
Rate Provider Hold until Prepayment options Payment
4.00%
Prime + 0.80
Alterna Savings Nov 19
No pre-approval
0 % Lump Sum 0 % Regular $ Get this rate
4.40%
Prime + 1.20
Bank of Montreal Feb 17
No pre-approval
20 % Lump Sum 20 % Regular $ Get this rate
4.70%
Prime + 1.50
HSBC Feb 17
No pre-approval
20 % Lump Sum 20 % Regular $ Get this rate
No pre-approval
Lump Sum N/A Regular N/A Get this rate

Open Mortgages

An open mortgage is one where the borrower can repay the loan, in full or in part, anytime prior to maturity without incurring penalties. This type of mortgage typically ranges from six months to one year. An open mortgage may be fixed or variable.


Features

The flexibility to make payments on the principal at any time and at any amount is beneficial to those who are capable of making large sums of payments. It is also ideal for those who plan to sell their property in the near future.


The difference between open and closed mortgages

Closed mortgages have lower interest rates than its open counterpart. However, closed mortgages have stiff restrictions regarding how much of the mortgage you can pay off. Typical prepayment options on a closed mortgage are allowable up to 20% of the original mortgage amount, but vary from lender to lender.

Most Canadians have closed mortgages opting for the reduced flexibility at a lower rate.


Why Choose an Open Mortgage?

Home owners who are seeking to pay off their debt faster will benefit the most from an open mortgage. It also benefits investors who flip properties for profit.

However, given the significant interest premium on open mortgages, if you do not expect to move in the immediate future and your income remains relatively fixed, a closed mortgage may make more sense.


Current Mortgage Rates