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The best mortgage rate with Multi-Prêts

At Multi-Prêts, we have several experienced mortgage brokers who can store for the best mortgage rate for you to obtain or renew your loan. We can help you find a variable rate with a 5 year term or a fixed rate with a 1 to 7 or 10 year term. 

Whichever option you choose, we will take care to explain everything that your choice implies and to answer your questions.

Open or closed mortgage?

The interest rate on an open mortgage is generally higher than the interest rate on a closed mortgage for the same term. This option is a good choice if you want to pay off your mortgage as soon as possible, as it gives you more flexibility in paying out additional amounts. It is also an attractive option if you plan to sell your home in the near future. 

The closed mortgage has a lower interest rate, but limits the amount of your additional annual payments. It should be considered if you plan to keep your home for the duration of your mortgage term and want to take advantage of the prepayment privilege to make some additional payments.

The choice of an open or closed mortgage depends on your plans for the near future. Our mortgage brokers can advise you on the type of mortgage best suited to your situation.

What is a fixed rate?

The fixed interest rate is a rate that remains the same for the duration of your term. 

Higher than the variable interest rate, it has the advantage of offering excellent stability in your payments.

What is a variable rate?

The variable interest rate, as the name implies, can change during your term. Generally lower than the fixed rate, it can increase and decrease according to the rise and fall of the key rate. 

Note that with this rate, you can take advantage of fixed or adjustable payments, depending on what your budget allows.

What is a home equity line of credit?

The mortgage line of credit is a way to refinance your property in order to receive cash at a particularly advantageous interest rate. You are then free to use this money to carry out your various projects. 

To qualify, you must have a down payment of 20% or more on your new home, have a debt-free home or one that has increased in value, or want to refinance your mortgage.

Some mortgage rate statistics

  • According to Statistics Canada, five-year fixed mortgages are the most popular in Canada, accounting for 49% of all mortgages.
  • However, variable mortgage rates are gaining in popularity year after year.
  • In 2021, the 5-year fixed interest rate was around 2.38%, while the variable rate was around 2.20%. This low spread is one of the reasons why more borrowers are choosing the variable rate.

How to get the best rate?

The easiest way to get the best mortgage rate is to discuss it with your broker. Do your homework ahead of time to give yourself plenty of time to think about your decision and consider the options that are most beneficial to you, such as a closed mortgage or a variable rate. 

Whatever your preference, you can count on your Multi-Prêts broker to store around for the most advantageous mortgage rate according to the market, your situation and your needs.

Our financial partners

At Multi-Prêts, our team of mortgage brokers is in constant communication with a large number of financial partners, including banks, financial institutions and exclusive lenders. 

Here are some of our partners:

  • B2B Banking
  • Fair Trade Bank
  • HomeEquity Bank
  • National Bank
  • Scotiabank
  • Laurentian Bank
  • Manulife Bank
  • Caisses Populaires Desjardins
  • Canada Guaranty
  • CHIP – Home Income Plan
  • CMHC/SCHL
  • CTF
  • Unik Financing
  • First National Financial
  • SAGEN / Genworth Financial
  • Home Trust
  • Haventree Financial
  • ADAP-T / CMLS
  • MCAP
  • Merix Financial – Lendwise
  • Multi-Plane
  • Pentor
  • Peoples Trust
  • Mortgage Protection Plan
  • SecurFinance
  • Simplici-T
  • TD Canada Trust

Get your Free and personalized estimate !

Our mortgage brokers work with over 25 financial partners to get you the best offers with the best rates and conditions! All this in less than 24 hours.