COMPARE MORTGAGE RATES



Have your choice of the best mortgage rates from the highest quality lenders in the country. Save money and scan the entire market to find the right mortgage for you. Apply, sit back, relax and get pre-qualified in minutes!

Today's Best Fixed Rate is 2.24%!

*Insured Loan. Other Conditions Apply, Rate In Effect As Of Dec, 2019.

It’s Easy As…

One.

Get the Best Rate Now.

Two.

Get Pre-Qualified in Minutes.

Three.

Apply (and relax).

Find the Best Mortgage Rates in Canada For You!

For any potential homeowner in Canada, it is vital to keep track of current mortgage rates. When you’re looking into different types of home loans, it’s essential that you find the right option for you, your family and your income level. Mortgages are a viable and practical option, just ask the millions of people around Canada who take advantage of mortgages to get the home of their dreams.

There are a number of factors to consider when you’re looking for the best mortgage rates in Canada. Such as interest rates, fixed rates, and variable rates which all play a role when you’re comparing prices between companies. Finding the best rate in Canada doesn’t have to be hard. We’re here to help you make the best choice for your unique set of circumstances.

*Insured Loan. Other Conditions Apply, Rate In Effect As Of Dec, 2019.



Our partnership with Nesto, Ltd. allows us to offer the best rates. All stand alone mortage brokers and bank financial specialists have a certain amount of room in regards to mortgage rates that they are able to offer. This is becuase all mortage rates are usually sold at a premium.

Simply put, yes My Choice is comletely free for you to use and find the best mortgage rate suited to you.

Of course! Here at My Choice we are a 100% Canadian owned and operated company, based out of Toronto. If you prefer to get in touch please reach out on Facebook, call or shoot us an email!

Yes, we are. My Choice is allowed to operate in Canada through its partner, Nesto, Ltd, who is licensed by the provincial regulatory bodies of the provinces we operate in.

How Do Mortgage Rates in Canada Work?

Generally, Canada is thought to be one of the more creditor-friendly regions of the world. That doesn’t mean you can’t find a reasonable rate. You will just need to be able to give a down payment, go through the pre-approval process and find out what rate you’re eligible for. Don’t worry, it’s easier than it sounds. Rates are generally between 2% and 5% if you have decent credit. Otherwise, they may be a bit higher.

There are many different types of rates to choose from, but there are two in particular that are often part of the best mortgages: Fixed rates and variable rates. These are different types of interest rates that show how the interest will be treated over time. You’ll need to carefully consider which rate is best for you as it will be locked in over a specific time period — typically anywhere from 6 months to 25 years. Many customers choose the 5-year option as it is attainable and convenient for their income level.

There are also cashback mortgages, in which you can take cash out of your mortgage to supplement your income. Lastly, there is a HELOC mortgage and this leverages your house against the loan. If you default on the loan, your house can be repossessed. While it can be considered a gamble if you don’t have a stable income, it can also assure that you are loaned the maximum amount of money within your loan term.

Whats the Difference Between a Fixed & Variable Rate in a Mortgage?

There are some key differences between fixed and variable rates. For a fixed-rate loan, your interest rate will stay the same over the entire period of your loan, which can be very helpful if you have a stable income. In this case, your rate will typically be lower if you choose a shorter time period to pay it off in. For example, if you choose a 1-year term over a 5-year term, you could be saving money in the long run.

As for a variable rate, this rate will fluctuate over time. This is because variable rates are directly tied to prime rates, which are, in turn, based on the rates at the Bank of Canada. These rates are preferable if you have a bigger budget or intend to pay off your balance quicker.

5 Year Historical Fixed Mortgage Rates

Source: www.bankofcanada.ca

Comparing Interest Rates

When you’re comparing interest rates, you need to consider what your future looks like months, or even years, down the line. The higher the interest rate, the more money you’re going to be on the hook for. There is nothing wrong with having a high interest rate. After all, this may be the only option for some people if they have bad credit. What’s important is knowing how to gauge your ability to pay that balance off over time. If you’re being dishonest with yourself about your financial situation, you may end up having quite a bit more money to pay by the end of your loan due to your high interest rate.

Here at MyChoice, we pride ourselves on being able to showcase the best rates to our users easily. With our easy-to-use system, you’ll be able to enter some simple information like your price range and income and voila, you’ll be able to compare interest rates between companies easily. By finding the best rate, you’ll be making a safer investment in your future.

5 Year Historical Variable Mortgage Rates

One thing to note about variable rates is that they are directly tied to prime rates, which are, in turn, based on the rates at the Bank of Canada.

Source: www.bankofcanada.ca

Why is it Important to Shop Around for Mortgage Rates?

Ultimately, the best mortgage is always one that you can safely pay off. The quicker you pay it, the less you pay. Depending on what kind of mortgage you have, this may be on the cards for you, or you may need to wait and pay in installments. In the end, you want to shop around and compare rates, by doing so you could end up saving yourself thousands of dollars.

What’s the Difference Between an Open and Closed Mortgage?

Open mortgages are beneficial to some borrowers because they let you pay any amount of money you want towards your mortgage, all free of charge. This way, you’ll be able to pay off the balance quicker if you suddenly fall into some money.

Closed mortgages can be just as beneficial if you have a stable financial situation. These mortgages have a prepayment limit, which only lets you pay 15% of the balance during a calendar year. If you have steady money coming in, this shouldn’t be an issue.

How Does Your Credit Score Affect Getting a Mortgage?

If you have a bad credit score, many lenders may take that as a sign of financial instability. If you couldn’t handle credit in the past, they think you’re a risk for their line of credit in the form of a mortgage. The better your score is, the more trust you will gain from the lender and the lower your rate will ultimately be.

In Canada, What Makes Mortgages Go Up and Down?

The mortgage rates in Canada depend on the financial wellbeing of the government. As mortgages are tied to the wellbeing of the economy, there are a number of factors that affect how much money they are willing to loan and at what interest rate. Some of these factors include:

  • The stock markets (fixed rates)
  • Bond prices/bond yields (fixed rates)
  • Prime rates (variable rates)

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