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Are you looking to save money on your mortgage? Heck - who isn't? Give us your info and we'll use our crazy smart mortgage search engine to compare the market and find you the best rate. Ready? Set? Go ahead and see how much you can save:
I am:
Province
Property Value The value of your new dream home (an estimate is fine).
Down Payment The initial upfront portion that you need to pay for the home. Your down payment needs to be at least 5% of the property value and 20% to avoid mortgage default insurance.
Mortgage Balance How much you still owe on your mortgage.
Additional Cash OPTIONAL - Refinancing? Add how much extra you're looking to borrow against the capital you have already built up in your home. Just remember - you can't go over a total mortgage value of 90% of your property value.
Mortgage Value The amount of money you'll need to borrow (but don't worry, we've calculated this for you).
Mortgage Type

Fixed vs Variable

FIXED: mortgage rate does not change during your term - in other words you are locked in. VS. VARIABLE: mortgage rate changes during the term with the lender's prime rate.

Open vs Closed

CLOSED: you cannot pay off your mortgage early during the term without being charged a penalty. VS. OPEN: you can pay off your mortgage early with no penalty during the term.

HINT: Help! I'm a Mortgage Newbie, if you're not sure what to choose you're probably looking for a closed rate.
Mortgage Term

How long the mortgage agreement is set for.

HINT: Help! I'm a Mortgage Newbie, if you're unsure what to select a five year term is the most popular choice.
Amortization Term How long it will take you to pay off your mortgage. If you're buying a home, the default value is 25 years.
Payment Type

Basically how often you want to make your payments each month.

WISE MOVE: Looking to save MORE on your mortgage? Choose a rapid payment schedule.
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5 Year Variable Open Mortgage Rates Last Updated: May 22, 2012 09:30:45

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