Broker Mortgage RatesRates updated:
Compare mortgage broker rates below in popular rate categories. Simply click on any rate to get more details or connect with the rate's provider. Click See All to compare all the different rates in a particular category.Whether you are in the market for a variable or fixed rate, a 1- or a 10-year term, Ratehub.ca sources the most competitive mortgage rates in Canada.
Content last updated: May 28, 2020
Should you consider a mortgage broker?
Mortgage brokers can give you access to a range of mortgage providers, which helps make sure you don't miss out on the best rate.
The difference between bank rates vs. broker rates
Mortgage brokers aren't lenders, like the banks are. Instead, they provide an origination service, with the mortgage loan serviced by a traditional lender such as one of the major Canadian banks. Instead, brokers are a distribution channel for lenders to reach consumers like you.
Brokers often post lower mortgage rates than banks because they have access to multiple lenders and products and can ‘shop around’. Brokers also exploit their bargaining power to achieve volume discounts.
Compare broker mortgage rates
Mortgage brokers offer all types of mortgage rates, although they may choose to compete in certain categories. For instance, a broker may focus on offering a low 5-year fixed mortgage rate at the expense of a higher 5-year variable rate. Deciding on what type of rate interests you will guide you to the most competitive broker in your desired category. If you like the stability of fixed payments, you may choose to go with Broker A, while Broker B may offer a lower variable rate for individuals who are open to interest rate fluctuations.
Compare prepayment options
Although the lowest mortgage rate is important, it is recommended you compare prepayment options as well. Prepayment options outline the flexibility you have to make extra payments towards your mortgage without penalty. If the option to pay off your mortgage faster than intended is of value to you, you should take that into account with your mortgage rate selection.
Compare rate holds
A rate hold is the number of days before your mortgage renewal date you can lock in the current mortgage rate. If rates rise, you are protected, and if rates fall, your lender will typically honour the lower rate.