Today’s Mortgage Rates updated as of December 21, 2024 3:59 am
5-year fixed*
5-year Variable*
*Insured loans. Other conditions apply. Rate in effect as of today.
The Citadel All-in-One Mortgage Solution, based on the renowned Manulife One program, is a revolutionary way to manage your mortgage and finances under one flexible and powerful solution. This product allows you to consolidate your mortgage, debt, and savings into a single account, giving you greater control over your financial future while saving you time and money.
Whether you’re a first-time homebuyer, refinancing, or renewing your mortgage, understanding current trends and available options helps you make informed financial decisions.
Mortgage brokers play a pivotal role in helping Canadians find tailored financing options, providing expert advice, and navigating the often complex mortgage market.
For more detailed information on mortgage types, costs, and rights, consult the Government of Canada – Financial Consumer Agency of Canada (FCAC).
As we always hear, your money should never sit around. In fact, your money should always be working for you! What does this mean, though?
For years the banks have taught us we need to keep our debts including our mortgage separate from our savings, income, and investments, but why? Think about if you have a checking account that has a line of credit attached to it and regular savings account at the bank and you go to deposit your money into the bank. Which account will the bank choose to put the money in? (Hint it is never the account with the line of credit.)
The banks have always wanted us to keep our debt high to make interest, but the secret is to have our money work for us, not the bank!
With the Citadel All-in-One Mortgage, your income and savings are deposited directly into your account, reducing your daily interest charges on your mortgage. This dynamic structure minimizes your interest payments and accelerates your journey to becoming mortgage-free. Here’s how:
Combine Mortgage and Banking
Daily Simple Interest Calculation
Flexible Access to Funds
Customizable Payments
One of the most significant benefits of the Citadel All-in-One Mortgage Solution is the use of daily simple interest, which offers substantial savings compared to traditional compound interest methods. Let’s explore this in detail.
With daily simple interest, the interest you pay is calculated daily on your outstanding balance, not the original loan amount or a monthly average. Every deposit you make directly reduces your balance, which immediately decreases the amount of interest accrued.
| Feature | Citadel All-in-One (Daily Simple Interest) | Traditional Mortgage | HELOC |
|---|---|---|---|
| Interest Calculation | Based on daily balance | Monthly average balance | Daily balance, compounded |
| Impact of Deposits | Immediate reduction of interest | Limited impact | Immediate, but variable rates |
| Flexibility | Full access to available equity | Fixed payments | Flexible, but higher rates |
| Savings Potential | High (deposits immediately reduce interest) | Moderate | Moderate |
Let’s break down the impact of daily simple interest using a practical example:
Savings:
Below is a graphical representation of how daily simple interest offers better savings compared to traditional compound interest methods:
| Loan Type | Interest Accrued per Month | Annual Savings |
|---|---|---|
| Traditional Mortgage | $1,833.33 | – |
| Citadel All-in-One | $1,781.40 | $623.16 |
| Year | Traditional Mortgage (Compound Interest) | Citadel All-in-One (Daily Simple Interest) | Total Savings |
|---|---|---|---|
| 1 | $22,000 | $21,376 | $624 |
| 2 | $22,000 | $21,376 | $624 |
| 3 | $22,000 | $21,376 | $624 |
| 4 | $22,000 | $21,376 | $624 |
| 5 | $22,000 | $21,376 | $624 |
| Total | $110,000 | $106,880 | $3,120 |
Immediate Savings:
Every deposit works instantly to reduce your loan balance and interest charges.
Better Cash Flow:
Lower interest costs mean more disposable income for other financial goals.
Accelerated Mortgage Payoff:
Daily simple interest allows you to become mortgage-free faster than with traditional methods.
Here’s a bar graph comparing interest savings for a $400,000 mortgage over five years between traditional and Citadel All-in-One solutions:
For a low monthly fee of $16.95 ($9.95 for seniors age 60 and over), you get unlimited:
The monthly fee will be waived when there is a positive balance of $5,000 or more across the account at the end of each month.
Borrower subject to credit and underwriting approval. Not all borrowers will be approved for conventional financing or equity financing. Receipt of borrower’s application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, Annual APR is subject to approval and underwriting, APR includes all fees and rate which is calculated on a yearly term. APR varies contact us for current rates or more information on a specific product. OAC*
To qualify for the Citadel All-in-One Mortgage Solution, you must meet these basic requirements:
Credit Score
Income Verification
Property Value
Debt-to-Income Ratio
Property Type
We compare mortgage rates from top lenders, including BMO mortgage rates, CIBC mortgage rates, RBC mortgage rates, TD Bank Mortgage Rates, and MCAP mortgage rates, alongside our exclusive Citadel Smart Home Plan mortgage rates. Let us simplify the process and help you secure approval quickly and stress-free!
The Citadel All-in-One Mortgage is perfect for:
Homeowners Seeking Debt Consolidation
Savvy Investors
Budget-Conscious Families
Self-Employed Professionals
| Feature | Citadel All-in-One Mortgage | Traditional Mortgage | HELOC |
|---|---|---|---|
| Account Consolidation | Yes | No | No |
| Daily Interest Calculation | Yes | No | Yes |
| Flexible Payments | Yes | Limited | Yes |
| Access to Home Equity | Immediate | Requires Re-Approval | Immediate |
| Debt Consolidation | Included | Separate Process | Separate Process |
| Metric | Canada Average |
|---|---|
| Average Mortgage Size | $410,000 |
| Average Mortgage Interest Rate | 5.10% – 6.00% |
| Home Equity Utilization | 20% of Canadians use equity |
| Debt Consolidation Usage | 25% of mortgage holders |
At Citadel Mortgages, we’re proud to offer this innovative financial solution, helping Canadians achieve their financial goals faster and more efficiently.
Personalized Solutions
Unparalleled Support
Competitive Rates
Integrated Financial Services
Using a mortgage broker that has access to some of the lowest mortgage rates in Canada, is key to ensure you have the best approval rate.
The Citadel All-in-One Mortgage Solution is an innovative program that combines your mortgage, chequing, savings, and debt into a single account. This allows you to reduce your mortgage balance daily with every deposit, saving you thousands in interest over time.
Daily simple interest is calculated based on your account’s remaining balance each day. Unlike traditional mortgages, where interest is compounded semi-annually, every deposit you make immediately reduces your balance and, therefore, the amount of interest accrued.
The Citadel All-in-One Mortgage offers flexibility, immediate savings through daily interest calculations, and full access to your home equity without requiring refinancing. In contrast, traditional mortgages calculate interest less frequently and often have limited prepayment options.
To qualify, you typically need:
Yes, the Citadel All-in-One Mortgage gives you instant access to your home equity, allowing you to borrow funds for investments, renovations, debt consolidation, or emergencies without refinancing.
By applying daily simple interest and allowing every deposit to reduce your outstanding balance immediately, the Citadel All-in-One Mortgage minimizes interest costs. This means more of your payments go toward the principal, accelerating your mortgage payoff.
Yes, the Citadel All-in-One Mortgage Solution is an excellent option for self-employed individuals. Its flexibility accounts for income fluctuations, and it provides access to funds without the need for requalification.
While similar to a HELOC, the Citadel All-in-One Mortgage offers added benefits:
The Become Mortgage-Free Sooner Calculator by Citadel Mortgages is a powerful financial tool designed to help Canadians reduce their mortgage costs and pay off their loans faster. By inputting your mortgage details and exploring various strategies, this calculator provides insights into how small adjustments to payments, frequency, or contributions can save you thousands in interest and shorten your mortgage term.
See how you can save and become mortgage-free sooner
Calculate how much you’d spend each month to buy a home or renew or refinance your mortgage.
Discover how much cash back you could receive with our Cash Back Mortgage Calculator.
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Head Office – 150 King Street West 2nd Floor Suite 335, Toronto, ON M5H 1J9
Alberta Office – 421 7th Avenue S.W., 30th Floor, Calgary, Alberta, T2P 4K9
Nova Scotia Office – 1701 Hollis Street, Suite 800 Halifax, NS B3J 3M8
Saskatchewan Office – 2010 – 11th Avenue 7th Floor Regina Saskatchewan S4P0J3
Newfoundland Office – 1 Church Hill – Suite 201-522 St. John’s Newfoundland A1C 3Z7
New Brunswick Office – 500 St George Street, Moncton NB, E1C 1Y3
British Columbia Office – 900-2025 Willingdon Avenue, Burnaby BC, V5C 0J3
Montreal Office – 1155 Rue Metcalfe #1500, Montreal, QC, H3B 2V6
Disclaimer
Citadel Mortgages operates an information-based website designed to display mortgage rates from its trusted partners. While we strive to present accurate and up-to-date information, we cannot guarantee the precision of the rates or other details provided at all times. Citadel Mortgages assumes no liability for errors, inaccuracies, or damages resulting from the use of the information on this site. Terms and conditions apply, and it is essential to consult directly with a licensed mortgage broker for personalized advice and accurate details about specific products and services. Please note that the rates displayed are for informational purposes only and may differ from actual rates offered.
Citadel Mortgages is licensed to operate in the following jurisdictions:
Instant Approval, Conditional Approval, Pre-Approval
All approvals are subject to credit and underwriting approval. Not all borrowers will qualify for conventional or equity financing. The receipt of an application does not constitute a financing approval or guarantee of an interest rate. Restrictions apply. The Annual Percentage Rate (APR) is subject to underwriting and approval, and fees and terms may vary. Contact us for the most current rates and further information about specific products. OAC (On Approved Credit).
We remain committed to delivering outstanding service, transparency, and ethical practices. Please note that some rates are province-specific and may change without notice. Rates may not be available in Quebec; please contact us directly to confirm availability and approval.
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