Mortgage rates
Competitive rates for your biggest investment.
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Get to know your rate options
Homeowners in Canada have a couple of mortgage options to choose from – fixed or adjustable. Both come with their own unique benefits – let’s look at a quick breakdown.
Adjustable rate
Interest rate will change based on the lender’s prime rate
The payment amount will change as interest rates change
When rates go down, there’s potential to save on interest
Good for short-term goals or when rates are expected to stay low
Fixed rate
Consistent rate and payments for the entire mortgage term
If the prime rate changes, your mortgage rate and payment will stay the same
Ideal for long-term planning and homeowners looking for stability
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Your mortgage is more than a rate.
If you’re in the market for a mortgage, there’s no doubt the topic of rates has come up. Mortgage rates are important, but they’re not the only thing you should consider when finding the right mortgage
for your needs.
Don’t forget to think about:
Don’t forget to think about:
- The flexibility of your payment schedule
- Lump sum and prepayment features that let you pay off your mortgage faster
- If you can take your mortgage to your next home when you move
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MERIX Prime Rate
The prime rate is the base interest rate banks and lenders use to set their lending rates. It can go up or down depending on what the Bank of Canada does.
4.70%
Discuss rates and mortgage options with an expert.
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Get the info you need and find out what rates are available from MERIX.
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