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Best St. John's mortgage rates
The rate table shows 5-year fixed mortgage rates in St. John's. To compare other rate types and terms, click on the filters icon beside the down payment percentage.
As of:
St. John's mortgage rates: Common questions
How much can I save by comparing St. John's mortgage rates?
Getting a mortgage in St. John's is probably the biggest financial commitment you’ll make in your life, so it’s important to get a great deal. Comparing mortgage rates from different providers is one of the best things you can do to get a lower rate.
So how much can you save with a lower rate? On a $500,000 mortgage with a 25-year amortization, paying 2.50% instead of 3.0% could save you around $126 a month. Overall, you’d pay $11,767 less in interest over a 5-year term. You can use our mortgage payment calculator to input your own figures, and work out how much you could save by comparing mortgage rates.
Why compare St. John's mortgage rates with Ratehub.ca?
Ratehub.ca makes it easy to compare St. John's mortgage rates, but pulling rates from the big banks, St. John's mortgage brokers, and smaller lenders like credit unions, all in one place. By seeing what’s available in St. John's, you’ll be able to make sure you get the best possible deal. We do this at no cost to you.
Are St. John's mortgage rates higher than other cities?
St. John's mortgage rates can sometimes differ from other Canadian cities, but not just because of the city itself. Mortgage rates are determined by lots of factors, including competition among lenders to offer the lowest rates. Some cities have more competition than others, which generally leads to slightly lower rates. However, the differences are generally small.
What’s the difference between variable and fixed rates?
Variable rates can change over the course of your mortgage term (which can range from 1 to 10 years). On the other hand, fixed rates remain constant throughout your mortgage term, even if the prime rate changes.
The advantage of variable rates is that if rates fall across the market, then your rate will also drop. The downsides are that rates can go up. This would also cause your rate to rise, which means paying more on your regular mortgage payment.
The advantage of fixed rates is that your regular mortgage payments will stay the same for your entire term. However, if prime rates were to drop, you’d be missing out on the savings that a lower rate would offer.
Is it worth getting a mortgage pre-approval?
When buying a new home in St. John's it’s generally worth getting a pre-approval. A pre-approval is an in-principal commitment from a lender to offer you a particular rate for a given mortgage. This gives you confidence that the homes you’re looking at are within your budget and lets you move faster when you’re ready to make an offer.
You can start the pre-approval process by going directly to a lender, or you can apply with the help of a mortgage broker. Remember that you’re not obligated to get a mortgage with a particular lender, even if you’ve been pre-approved by them. Also, remember that your pre-approval is not a final guarantee of a particular rate. That’s only confirmed when you make your final application.
Which bank has the best mortgage rates in St. John's?
No one bank has the best rates in St. John's or offers the best mortgage in St. John's. Mortgage rates change regularly, and different lenders will often run promotions that make them temporarily more competitive. The best way to get a lower mortgage rate is to compare current rates from multiple mortgage providers and brokers.
Remember as well that the best mortgage for you is not necessarily the one with the lowest rate. Your mortgage will be a big part of your life for years to come, and getting one with the right features and terms is sometimes more important than the rate. Getting advice from a St. John's mortgage broker is a good way to better understand this if you’re worried.
Should I use a mortgage broker in St. John's?
A mortgage broker can connect you with mortgage products from a range of lenders, both big and small. As well as being connected with multiple lenders, brokers often have access to rates and deals that aren’t available to the public. Generally, getting a mortgage through a broker will help you secure a lower mortgage rate than going directly to your current bank. Mortgage brokers are free for you to use, so there’s no risk in approaching one for a chat.
Not sure where to start? Check out our tools to get started
Compare current mortgage rates across the Big 5 Banks and top Canadian lenders. Take 2 minutes to answer a few questions and discover the lowest rates available to you.
Getting the best mortgage rates in St. John's
Jamie David, Sr. Director of Marketing and Mortgages
As the capital of Newfoundland, St. John's is one of the more important cities on Canada's east coast. As such, St. John's is also home to a healthy real estate and mortgage market. This is good news for St. John's home buyers because it gives you access to a wide range of mortgage products and mortgage rates, while still reaping the benefit of lower home prices than some of Canada's bigger cities.
Below we've laid out some of the things you should consider before looking for a mortgage in St. John's. When you're ready, you can compare personalized quotes for mortgage rates in St. John's with the tools at the top of this page.
Best mortgage rates in St. John's +
Rates updated:
Rate | Term | Type | Provider |
---|---|---|---|
4.09% | 3 years | Fixed | Big 6 Bank |
4.14% | 5 years | Fixed | Big 6 Bank |
4.44% | 4 years | Fixed | Big 6 Bank |
5.14% | 6 years | Fixed | Bank of Montreal |
5.29% | 2 years | Fixed | Big 6 Bank |
Comparing the best mortgage rates in St. John's
The comparison tables at the top of this page list the best mortgage rates available in St. John's, up to the minute. Comparing rates between multiple providers and mortgage brokers is the best thing you can do to get the lowest rate possible.
Of course, your personal rate may be different from the rates listed above. The rate you're eligible for can change based on things like your down payment, the price of the house, your credit score, which lender you choose, as well as what the property is being used for.
Luckily, you can get personalized quotes for mortgage rates without filling in a full mortgage application. Use the tools at the top of this page and we’ll provide you with personalized mortgage quotes from St. John's lenders in under two minutes.
St. John's closing costs
When applying for a new mortgage in St. John's, you'll need to consider the closing costs associated with all property purchases. Most of these costs will need to be paid upfront, so you’ll need to save the cash to pay for them (in addition to your down payment).
Newfoundland Land Transfer Tax
When buying a home in Newfoundland, you'll be subject to the Newfoundland Land Transfer Tax. This tax will need to be paid in cash, and cannot be added to your mortgage. In Newfoundland and Labrador, the land transfer tax is charged on the property value and mortgage amount, as follows:
Property Value | Tax amount |
---|---|
$500 or less | $100.00 |
greater than $500 | $100.00 plus $0.40 for each additional one hundred dollars of value (or part thereof) over $500. |
Mortgage value | Tax amount |
$500 or less | $100.00 |
greater than $500 | $100.00 plus $0.40 for each additional one hundred dollars of value (or part thereof) over $500. |
CMHC Insurance
If your mortgage is an insured mortgage, you'll need to pay for mortgage default insurance. This will normally be included as part of your mortgage, so you won't need to provide it in cash.
These are just some of the closing costs you’ll have to pay in St. John's. Learn more on our closing costs education centre page.
St. John's first-time home buyer rebates
Most of the first-time home buyer programs in Canada are administered at the provincial level, and typically involve a full or partial rebate of the province's land transfer tax. A rebate of this kind does not exist in Newfoundland. However, new home buyers in St. John's are eligible for first-time home buyer programs at the federal level, including:
- RRSP Home Buyer’s Plan: This allows you to borrow up to $60,000 from your RRSP for your down payment. The money must be paid back within 15 years.
- First-Time Home Buyer’s Tax Credit: This is a tax credit of up to $750, available when you file your taxes for the year in which you bought your first home.
- GST/HST New Housing Rebate: If your home is newly built, it may be subject to GST or HST. This rebate gives you some or all of that tax back.
Each of these schemes has eligibility criteria and additional rules that apply, which you'll need to investigate further before you apply for them.
Jamie David, Director of Marketing and Head of Mortgages
Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio
Want to learn more? Check out our comprehensive education centre
About Ratehub.ca
Whether you need a mortgage, credit card, savings account, or insurance coverage, we help you find and compare the best financial products for your specific needs.
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