Rates Are the Start, Not the Whole Story.
View the official Mortgage Centre rates, then get a straight-talking review of what actually fits your file — your qualifications, your goals and the fine print that decides your true cost of borrowing.
Official Mortgage Centre rates
Live, posted rate information is published and maintained by The Mortgage Centre. Rather than reprint numbers that go stale within hours, we point you straight to the official source so you are always looking at current figures. From there, a quick review turns a posted rate into a real answer for your situation.
Rates may change without notice and depend on lender criteria, borrower qualifications, product type, term, and approval conditions.
Fixed vs variable
Two very different ways to hold a rate — the right one depends on your budget, your plans and how you feel about change.
Predictable payments
Your rate and payment stay the same for the entire term, so your budget is locked and immune to Bank of Canada moves. It is the choice for peace of mind and easy planning.
Same principal-and-interest payment every month for the term.
Rising rates during your term do not affect you.
Breaking early can carry a larger penalty (often an interest-rate-differential calculation).
Moves with the market
Your rate tracks the lender's prime rate, so it can rise or fall over the term. Historically it has often cost less, but it asks you to tolerate some movement in rate or payment.
Frequently priced below comparable fixed options at the outset.
Typically three months' interest if you need to exit early.
Payments or interest can rise if prime increases — you need room in the budget.
What actually determines your rate
Two borrowers rarely get the same rate. These are the factors lenders weigh when pricing your file.
Credit profile
Your credit score and history signal risk. Stronger, cleaner credit generally unlocks better pricing and more lender choice.
Down payment & equity
How much you put down — and whether the mortgage is insured or uninsured — changes both your rate and which products you qualify for.
Property & purpose
Owner-occupied home, rental, or refinance; property type and location all influence how a lender prices and approves the deal.
Term & product
The length of your term, fixed vs variable, and features like prepayment or portability all carry different pricing.
Income & qualification
How your income is documented and how you qualify against the stress test shapes your approved amount and rate.
Rate holds & renewals
A little planning around timing can save you real money.
Lock in early, review sooner
A pre-approval typically secures a rate hold for a set window while you shop or close — protecting you if rates climb, while still letting you benefit if they drop before funding. On renewal, start the conversation well before your maturity date. The letter your current lender mails is rarely their best offer, and reviewing early gives time to compare the market, switch if it makes sense, and avoid drifting onto a higher posted rate by default.
Rates, answered plainly
The stuff people actually want to know before they sign.
What is the difference between a posted rate and a discounted rate?
A posted rate is the lender's advertised benchmark; the discounted rate is what you are actually offered after your qualifications and the product are factored in. The number that matters is the one on your approval — which is why a review beats a headline. Figures are example only and rates change without notice.
Why isn't the lowest rate always the cheapest mortgage?
A rock-bottom rate can come with restrictions — high break penalties, limited prepayment privileges, or no portability. If life changes and you need to break or move the mortgage, those terms can cost far more than the few dollars a month you saved. Cheapest over the full term is what counts.
Does checking rates or getting pre-approved hurt my credit?
A single pre-approval credit check has a small, short-lived effect and is a normal part of shopping for a mortgage. Rate shopping within a focused window is generally treated reasonably by credit models. Simply looking at posted rates does not affect your credit at all.
How long does a rate hold last?
Rate holds are commonly available for a set number of days from a pre-approval while you shop or close, and the exact window depends on the lender and product. If rates fall before funding, you can often still benefit. Ask early so the hold covers your timeline.
Want to know what you actually qualify for?
The posted rate is only the start — a quick review checks your real options.