Mortgages: 6 to 20 years
Financial Institution Term
6 Years 7 Years 8 Years 9 Years 10 Years 15 Years 20 Years
Alterna Bank - 7.8500 - - 8.1000 - -
Alterna Savings - 7.8500 - - 8.1000 - -
Bank of Montreal 6.7500 7.0000 - - 7.4900 - -
Bank of Nova Scotia - 7.0000 - - 7.4900 - -
CIBC Mortgages - 7.0000 - - 7.4900 - -
Canada Life - 6.6000 - - 7.0000 - -
Desjardins - Caisses - 6.9900 - - 7.4900 - -
First National Financial - 5.8400 - - 6.0000 - -
FirstOntario Credit Un. - 5.7400 - - - - -
HSBC Bank Canada - 5.4400 - - 5.7400 - -
Investors Group Trust - 6.6000 - - 7.0000 - -
Laurentian Bank Canada 7.0000 7.0000 7.4900 7.4900 7.4900 - -
Libro Credit Union - 6.6900 - - - - -
Luminus Financial - 6.7000 - - - - -
Manulife Bank - 6.6000 - - 7.0000 - -
Manulife Trust - 6.6000 - - 7.0000 - -
Meridian Credit Union - 5.8900 - - 6.0400 - -
National Bank 6.9000 7.0000 - - 7.4900 - -
Royal Bank of Canada - 6.6000 - - 7.0000 - -
T-D Mortgage 6.4900 6.6000 - - 6.8500 - -
Tangerine - 6.1900 - - 6.5900 - -
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.