Mortgages: 6 to 20 years
Financial Institution Term
6 Years 7 Years 8 Years 9 Years 10 Years 15 Years 20 Years
Bank of Montreal 6.5900 6.6900 - - 7.1900 - -
Bank of Nova Scotia - 6.7000 - - 7.1900 - -
CIBC Mortgages - 6.5500 - - 7.0400 - -
Desjardins - Caisses - 6.6900 - - 7.1400 - -
First National Financial - 5.8900 - - 5.9400 - -
FirstOntario Credit Un. - 5.5400 - - - - -
Laurentian Bank Canada 6.6900 6.6900 7.1400 7.1400 7.1400 - -
Libro Credit Union - 6.2400 - - - - -
Luminus Financial - 6.5900 - - - - -
Manulife Bank - 6.3500 - - 6.6900 - -
Manulife Trust - 6.3500 - - 6.6900 - -
Meridian Credit Union - 7.1000 - - 7.2500 - -
National Bank 6.6900 6.6900 - - 7.1400 - -
Royal Bank of Canada - 6.6500 - - 7.0500 - -
T-D Mortgage 6.9900 7.1000 - - 7.2500 - -
Tangerine - 5.6000 - - 6.0000 - -
A mortgage is a contract stipulating a specific property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features. Closed mortgages involve a strict repayment schedule of a specific amount with optional limited lump sum payments and payment increases.