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RBC Homeline Plan
Pros
- Flexible financing options including a line of credit
- Potentially lower interest rates compared to traditional mortgages
- Ability to borrow against home equity as needed
- Convenient online management and access to funds
Cons
- Variable interest rates can lead to unpredictable payments
- Requires good credit to qualify for the best rates
- Additional fees may apply for setup and maintenance
With the prime rate hovering around 7.20%, now is an excellent time to compare mortgage rates across Canada. Whether you're a first-time homebuyer or looking to refinance, understanding your options can save you thousands over the life of your mortgage.
Key Features
- Welcome Bonus: Check current offer for potential cash incentives.
- Interest Rates: Competitive rates starting as low as 3.00% for fixed terms.
- Loan Amounts: Mortgages available from $100,000 to $2 million.
- Flexible Terms: Choose from 1, 3, 5, or 10-year terms.
- Prepayment Options: Up to 20% annual prepayment without penalties.
- Online Management: Easily manage your mortgage online with a user-friendly dashboard.
Pros & Cons
- Pros:
- Low initial interest rates.
- Potential for cash bonuses.
- Flexible payment options.
- User-friendly online platform.
- Wide range of loan amounts available.
- Cons:
- Fees may vary significantly.
- Interest rates may increase after the promotional period.
- Not all applicants may qualify for the best rates.
- Limited availability in certain provinces.
How It Compares
| Product | Interest Rate | Welcome Bonus | Prepayment Options |
|---|---|---|---|
| Best Mortgage Rates | 3.00% (fixed) | Check current offer | 20% annually |
| Canadian Home Lender | 3.25% (fixed) | Up to $1,000 | 15% annually |
| Mortgage Choice | 3.10% (fixed) | $500 cash back | Unlimited prepayments |
Who It's For
This mortgage product is ideal for first-time homebuyers and those looking to refinance. Residents of British Columbia may find particularly attractive options given the province's dynamic real estate market, while Ontario buyers can benefit from competitive rates and flexible terms.
How to Apply
Applying for a mortgage is straightforward. Follow these steps:
- Gather financial documents (income proof, credit history).
- Visit the lender's website to check current rates and offers.
- Fill out the online application form.
- Submit your application and await approval.
FAQ
Can newcomers get it?
Yes, many lenders offer mortgage options for newcomers, but certain requirements may apply.
What credit score do I need?
A minimum credit score of 620 is typically required to qualify for competitive rates.
Are there penalties for early repayment?
Most products allow prepayments up to a certain percentage annually without penalties.
How long does the application process take?
The process can take anywhere from a few days to a couple of weeks, depending on the lender.
What if I have a low credit score?
Options may still be available, but interest rates may be higher, and additional requirements may apply.
Not financial advice. Rates and offers change. Read provider terms.
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Compare & Apply →Our Methodology
BGR evaluates Canadian mortgage products using a 6-factor model based on CMHC and FCAC guidelines, updated quarterly.
Data sources: FCAC, CMHC, issuer websites, Equifax Canada, TransUnion Canada. Last audit: June 2026.