Q.What will you do with the information I provide?

A. RateSupermarket.ca will not pass on your personal details to any third party companies without your consent. If you request a call back from one of the companies featured in our comparison table, we will send your contact details to that provider only.

If you choose to sign up to our newsletter or RateWatch service, we will keep your email address on file and use it only to send you the requested information. You can choose to unsubscribe at any time without hassle. You can view our privacy policy here for more information, but rest assured that your details are kept confidential.

Q. How do you compare mortgage rates?

A. We will ask you a few details about your mortgage needs, such as the mortgage value and the amortization period, we then automatically search our mortgage partners, include banks, credit unions, trusts,mortgage companies and brokers, to find the best mortgage rates in our system. We then present the rates to you, in an easy to use format. You can then use our side by side comparison feature to compare more details than just the rates, for example is the mortgage is portable, assumable or does it offer a rate guarantee. If you are interested in a specific rate, you can easily request a call back from the provider by providing your contact details, go to their website for more information or call our toll free call centre.

Q. What are the different mortgage rate types?

A. The main mortgage rate types that RateSupermarket.ca compares are:

• Fixed closed rate: the mortgage rate is set for a fixed period of time (6 months - 20 years); you are locked into that period (you can't pay the mortgage off early without incurring a penalty or charge)
• Fixed open rate: the mortgage rate is set for a fixed period of time (6 months - 20 years); however, it can be prepaid or paid off in full at any time without a penalty. The term of an open mortgage is usually one year. Open mortgages usually have a higher interest rate than a closed mortgage of the same term due to its flexibility.
• Variable closed rate: the mortgage rate can fluctuate during the term, and you are locked into that period (you can't pay the mortgage off early without incurring a penalty or charge)
• Variable open rate: the mortgage rate can fluctuate during the term, but you are able to pay off the mortgage at any time without receiving a penalty fee or charge

Q. What are the different types of mortgage payments?

A. The mortgage payment options are:

• Monthly: payments made once a month or 12 times per year.
• Bi-weekly: payments made every 2 weeks or 24 times per year, and are 1/2 of the monthly payment amount. You end up paying the same amount over the course of the year as you would with the monthly option. Bi-weekly payments can help with cash flow if you time them in line with receiving your pay cheques.
• Bi-weekly rapid: payments made every 2 weeks and equal to the monthly payment divided by 2. This assumes all months have 4 weeks; therefore, there are 26 payments per year (resulting in a higher number of payments than the normal bi-weekly option) which will help to shorten the length of time (amortization period) it takes to payoff your mortgage. Hence the term "rapid or accelerated".
• Weekly: this option multiplies your monthly payment by 12 months and divides it by 52 weeks in a year. Again, you pay the same amount in a year as the monthly option or bi-weekly options.
• Weekly rapid: payments made on the same day every week and is equal to the monthly payment divided by 4. This assumes all months have 4 weeks, resulting in you paying a bit more each month and results in the equivalent of 1 additional month's payment each year. Similar to the bi-weekly rapid payment option, this shortens the length of time (amortization period) it takes to payoff your mortgage. Hence the term "rapid or accelerated".

Q. Which company's mortgage rates do you compare?

A. You can see the full list of our mortgage broker, lender, credit union and trusts partners here.

Q. How can I keep up-to-date with mortgage rates?

A. Mortgage rates can change quickly and since every basis point can affect your mortgage payments, it’s always great to keep on top of the changes.  RateSupermarket.ca’s Mortgage Rate Outlook Panel consists of a panel of industry experts who provide their outlook for mortgage rates at the beginning of each month.  They share their thoughts on whether or not rates will go up, down or stay the same over the next 30-45 days.

You can also sign up for our RateWatch service.  Whenever the best mortgage rates on our site change, we’ll send you an email to let you know.

Q. How long will it take to compare mortgage rates?

A. RateSupermarket.ca's quick and easy mortgage rate comparison tool allows you to shop and compare mortgage rates in your province very quickly. This should take less than 30 seconds, but may differ depending on your internet connection.

Q. What other rates do you compare?

A.  RateSupermarket.ca compares credit cards, GIC rates, and quotes for insurance products such as life insurance, car insurance, home insurance and tenant insurance, as well as mortgage rates.