Getting a preapproval should be the first step in any mortgage transaction. Credit scores in Canada average between 300 and 900, but a score of 740+ unlocks the best rates. Having a good credit score will allow you to access multiple options when buying, refinancing, or renewing. To see current mortgage rates for our most popular terms, visit our rates page. Variable Mortgage - Rates are based on the prime rate and can update up to 8 times annually.Fixed Mortgage - Locks your rate for a fixed mortgage payment term – most commonly for five years at a time.Closed mortgages often have lower interest rates but do not offer the same flexibility that an open mortgage does.Ĭanadians have the option of using the following mortgage interest rate types:.Penalties may be incurred to break the mortgage. However, these mortgages come with higher rates as increased flexibility comes with a price. Open mortgages allow for renegotiation of the mortgage at any time. An open mortgage allows Canadians to pay off their mortgage without penalty.Visit our renewal page or learning center to learn more about the renewal process and how Edison Financial can help.

If you’re curious about other rates that are out there, we would love to help you consider alternatives and can present you the best rates from our 50+ lending partners, no commitment required. Many things can change in 5 years, and so can your mortgage rates, especially if your financial situation or the housing market has changed. This can be a great opportunity to renegotiate the terms of your mortgage with your current lender and entertain other options on the market. In Canada, mortgage renewal is required every 5 years.

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