Your guide through the entire mortgage journey
Work with an expert mortgage broker to better understand your mortgage needs and get the best mortgage options.
Evaluate your mortgage options with a broker you can trust
REW Money is a partner program for the best mortgage brokers in their local markets. We will introduce you to top professionals that offer great service and can help you get the mortgage options you need.
Whether you are trying to understand what you can afford, need to make a mortgage application, or want to explore refinancing your property, our broker partners can help you work through the process and access the best deals.
Why work with a mortgage broker? These experienced professionals can access the best rates from over 100 lenders and ensure you get the mortgage options that best suit you.
Mortgage Wisdom Corporation
Mortgage Wisdom Corporation
TD Canada Trust
Buying and selling dates not quite lining up? We'll help you get the funds you need to bridge the gap.
Needing to get a better interest rate, reduce your monthly payments, or renovate? We're here to guide you.
Have some equity in your home? We'll help you unlock it or pay down your mortgage faster (Home Equity Line of Credit).
New to Canada
Living and working in Canada, without any credit or residency history? We've got the solutions you need.
Looking to generate wealth through rental or investment properties? We'll show you that there's no better way.
Renewal coming up? Don't miss this golden opportunity for us to shop around for the best deal tailored specifically for you.
High interest debt dragging you down? We'll talk you through consolidating and dramatically reducing your payments.
BFS or Self Employed
Finding the self-employed mortgage journey tough? We'll help you find lenders more friendly to your situation.
Find the answers you're looking for in our guides.
How much mortgage can I afford?
How do mortgages work in Canada?
How do reverse mortgages work in Canada?
How do variable rate mortgages work?
What are subprime mortgages?
How many mortgages can you have in Canada?
How do second mortgages work?
How do you get approved for a second mortgage?
How does The Bank of Canada interest rate affect mortgages?
How long are mortgages in Canada?
Why are high ratio mortgages cheaper?
What is the new stress test for mortgages?
What are commercial mortgages?
What is the difference between open and closed variable mortgages?
What is an underwriter in mortgages?
How often are mortgages compounded?
For those looking to buy a home in Canada, a few things are as important as securing the best mortgage rates possible. The rate you sign on for can significantly impact your finances for the next few years and beyond, determining how much you'll be paying each month for your home and how quickly you can pay off the mortgage.
When we refer to a mortgage rate, we're specifically talking about the interest rate, which is the rate applied to the principal amount of your mortgage. If your interest rate is high, it can mean a significant amount of each month's mortgage payment goes to the interest, and it will take longer for you to pay your mortgage off.
Ensure you're securing the best mortgage rates for your financial situation, home of choice, and the real estate market. The best way to accomplish this is to work with an expert mortgage broker like our trusted mortgage partners at REW. But first, let's look at the details of Canadian mortgages.
How Do Mortgages Work In Canada?
The Bank of Canada sets the minimum interest rate for mortgages in Canada. This rate is the lowest percentage of interest that a lender or financial institution can charge on a mortgage loan. Two main types of mortgages are available in Canada: fixed-rate and variable-rate.
In a fixed-rate mortgage, your interest rate is locked in from the beginning of your mortgage term until the end (usually 5 years or less). This means that you'll pay the same percentage of interest on each month's payment for the duration of your current mortgage, even if the Bank of Canada raises or lowers the interest rate. This type of mortgage offers stability and predictability, but you cannot change it until your term ends. After a mortgage term, you have the option to pay your mortgage off in full or renew it. In most cases, you will have to go by the new rate in the market when you renew your lease, though some lenders and brokers may be able to get you a better one.
With a variable-rate mortgage, your monthly interest percentage will fluctuate along with the changing of the rate in general. If interest rates go up or down, so will your mortgage payment. This method has the potential to save or cost you money, depending on adjustments to the interest rate during your mortgage term.
REW - Your Mortgage Specialist
REW mortgage partners have access to hundreds of Canadian lenders and are here to help you secure the best rate. As you know, mortgages are a crucial detail to get right. However, the process can quickly become complicated for those who aren't experts. By working with a trusted mortgage specialist, you'll get access to the best, most current mortgage rates and products, allowing you to make a more informed financial decision.
You can also use REW's Mortgage Calculator, which allows you to add variables like home price, down payment, interest rate, mortgage term and more. Enter this information to view your projected monthly mortgage costs and a breakdown of where each payment is going - invaluable for determining your financial capabilities.
Our trusted mortgage partners are here to answer your mortgage questions and provide guidance. Don't hesitate to contact an expert mortgage partner for more information on Canadian mortgage rates.