Whether you’re buying your first home and are looking for flexible payment options or are refinancing to help free up money for renovations, there’s a mortgage designed to meet your needs. We’ll work together with a mortgage professional to find the mortgage that fits best with your financial plan.
Here you’ll find more information on mortgage types, payment calculators and Canada Life mortgage rates. Need more in-depth details on mortgages, including definitions of terms related to mortgages? Visit Canada Life’s Mortgages.
There are four basic types of mortgages available with Canada Life. Each has unique features designed to help meet different needs.
|Fixed-rate mortgage||Variable-rate mortgage||Lock and roll mortgage||Adjustable mortgage|
|Ideal if||You want to take advantage of changing interest rates, but want a fixed payment amount for the entire term of the mortgage|
Find out what you need in your financial plan when thinking about buying a home.
Your mortgage is determined by a formula that includes these factors. You must pass a stress test, along with meeting other criteria.
The mortgage affordability calculator can help you determine your maximum home purchase price. Find your price range.
We have fixed-rate and variable-rate mortgage specials available.
|60-month closed||4.25 (P – 0.25)vii|
|Term||Conventional mortgage promo rate (%)||Insured mortgage promo rate (%)|
Canada Life standard mortgage rates are applicable as of August 16, 2022, and are subject to change or withdrawal at any time without prior notice.
APR: COV-i5.148%, ii5.237%, iii5.330%, INS- iv5.018%, v5.137%, vi5.230%, VRM – vii4.513%
Choose monthly, semi-monthly, accelerated bi-weekly or accelerated weekly payments with Canada Life mortgages. Accelerated payments will save you interest over the length of your mortgage, and could mean you’ll be mortgage-free sooner. Also, our prepayment privileges allow you to make lump sum payments towards your principal to build equity in your home faster and substantially reduce interest.
If you have an open mortgage, you can prepay a large amount of your mortgage or renegotiate to take advantage of lower interest rates at any time. An open mortgage can be repaid in part or full at any time without having to pay a penalty. It gets a little more complicated if you have a closed mortgage.
Your closed mortgage allows you to pay down 15% of your outstanding principal balance each year, without a prepayment charge.
You can pay down more than 15% but there’s a charge because you’re paying off your mortgage faster than your original contract specified.
In some cases, you may benefit from paying the prepayment charge because you could save money in the long run. The prepayment calculator can help you find out if it’s worth it for you.