Citadel Mortgages has some of the lowest rates due to our transparent process and honest approach. Citadel Mortgages will help you understand how the lowest rates impact your mortgage and also that it is not always about the rate when you want to become mortgage-free sooner while financing your new home or existing home.
Our All In One Mortgage Solution Program allows you to tackle your debts and mortgage the right way by reducing your interest on all and becoming debt and mortgage-free sooner!
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The following rates apply to high-ratio purchase deals, where the down payment is between 5-15% of the purchase price. These rates are also specifically for insured purchases and transfers, with a maximum loan-to-value ratio of 65%.
Rate Type 1-Year-Fixed
Mortgage TypeClosed
Prepayment 15%
Rate Type 2-Year-Fixed
Mortgage TypeClosed
Prepayment 20%
Rate Type 3-Year-Fixed
Mortgage TypeClosed
Prepayment 15%
Rate Type 4-Year-Fixed
Mortgage TypeClosed
Prepayment 15%
Rate Type 5-Year-Fixed
Mortgage TypeClosed
Prepayment 20%
Rate Type 5-Year-Variable
Mortgage TypeClosed
Prepayment 15%
Rate Type 6-Month Fixed
Mortgage TypeClosed
Prepayment 20%
Rate Type 3-Year-Variable
Mortgage TypeClosed
Prepayment 20%
Rate Type 5-Year-Variable
Mortgage TypeClosed
Prepayment 15%
These rates are applicable to purchase deals with a purchase price of under 1 million dollars and a 25-year amortization period. They are specifically for insured mortgages with a loan-to-value ratio of up to 80%. Additionally, these rates apply to insured transfers with a maximum loan-to-value ratio of 80%.
Rate Type 1-Year-Fixed
Mortgage TypeClosed
Prepayment 20%
Rate Type 2-Year-Fixed
Mortgage TypeClosed
Prepayment 15%
Rate Type 3-Year-Fixed
Mortgage TypeClosed
Prepayment 15%
Rate Type 4-Year-Fixed
Mortgage TypeClosed
Prepayment 20%
Rate Type 5-Year-Fixed
Mortgage TypeClosed
Prepayment 15%
Rate Type 10-Year-Fixed
Mortgage TypeClosed
Prepayment 15%
Rate Type 6-Month-Fixed
Mortgage TypeClosed
Prepayment 15%
Rate Type 3-Year-Variable
Mortgage TypeClosed
Prepayment 15%
Rate Type 5-Year-Variable
Mortgage TypeClosed
Prepayment 15%
Rate Type 1-Year-Fixed
Mortgage TypeClosed
Prepayment 20%
Rate Type 2-Year-Fixed
Mortgage TypeClosed
Prepayment 15%
Rate Type 3-Year-Fixed
Mortgage TypeClosed
Prepayment 15%
Rate Type 4-Year-Fixed
Mortgage TypeClosed
Prepayment 20%
Rate Type 5-Year-Fixed
Mortgage TypeClosed
Prepayment 15%
Rate Type 10-Year-Fixed
Mortgage TypeClosed
Prepayment 15%
Rate Type 3-Year-Variable
Mortgage TypeClosed
Prepayment 15%
Rate Type 5-Year-Variable
Mortgage TypeClosed
Prepayment 15%
Rate Type HELOC
Mortgage TypeOpen
Prepayment Open
Canada’s mortgage lending market is divided into two primary categories: “A” lenders and “B” lenders. The former includes traditional banks and other financial institutions that offer mortgages to borrowers with solid credit histories and verifiable income profiles. Compared to “B” lenders, they have more stringent underwriting criteria and typically offer lower interest rates.
“B” lenders, on the other hand, are alternative lenders specializing in providing mortgages to borrowers who may not qualify for a mortgage from an “A” lender due to factors such as poor credit history, past bankruptcy, or stated income. These lenders have more flexible underwriting criteria, but they may charge higher interest rates and fees to account for the additional risk they are taking on.
For borrowers who have a lower credit score, are self-employed, own rental properties, or have a high debt-to-income ratio, “B” lending in mortgages may be a viable option. However, it is important to thoroughly review the terms and conditions of a “B” mortgage and compare them with those of an “A” mortgage before making a decision.
In most cases, “B” lenders charge a 1% fee, and the brokerage will charge an additional 1% fee due to the required amount of work involved in the mortgage file. While these lenders may allow higher GDS and TDS ratios of up to 48/48, 50/50, or even 60/60, the loan-to-value ratio may be reduced to 75% or 70%. They may offer up to 80% loan-to-value ratios for properties in strong locations. Rates below are starting rates; each deal is different based on risk and is the standard in the entire business.
Rate Type 1-Year-Fixed
Mortgage TypeClosed
Prepayment 20%
Rate Type 2-Year-Fixed
Mortgage TypeClosed
Prepayment 15%
Rate Type 3-Year-Fixed
Mortgage TypeClosed
Prepayment 15%
Rate Type 4-Year-Fixed
Mortgage TypeClosed
Prepayment 20%
Rate Type 5-Year-Fixed
Mortgage TypeClosed
Prepayment 15%
Rate Type 5-Year-Variable
Mortgage TypeClosed
Prepayment 15%
Have you ever wondered why you have to provide more documents to a mortgage broker in Canada than to your own bank? It’s a common question asked by clients who are beginning their mortgage journey, and we have an answer for you.
Mortgage brokers are intermediaries who work with multiple lenders to find you the best deal for your mortgage. Unlike your bank, which has access to your financial information, mortgage brokers don’t have access to your financial history or any other information that might help them determine your creditworthiness.
Therefore, to obtain a mortgage from a lender, brokers need to gather as much information as possible about your financial situation. This includes details about your income, employment history, credit history, savings, assets, and debts. Gathering this information helps brokers to understand your financial capacity and identify the best lenders and products for you.
Moreover, lenders also require a thorough verification process to ensure the accuracy of the information provided by clients. In addition, they are required to follow strict regulatory guidelines to prevent money laundering and fraudulent activities. Therefore, brokers must obtain all required documents to present a complete and accurate application to the lenders.
In contrast, your bank has access to your financial information, and therefore, you don’t have to provide as much documentation. However, you might not always get the best deal from your bank since they are only offering their own products. Working with a mortgage broker gives you access to multiple lenders and products, increasing your chances of finding the best deal for your unique situation.
At Citadel Mortgages, we understand that providing so many documents can be overwhelming. However, we work hard to make the process as seamless as possible for you. Our award-winning process ensures that we collect all the required documents upfront, reducing the risk of any delays or issues during the mortgage process.
If you’re ready to start your mortgage journey, contact us today, and our team of experts will guide you through the process and help you find the best mortgage deal for you.
When mortgage rates change, it can happen quite quickly. So when it comes to mortgage, timing is everything. Be sure to secure your mortgage rate while rates are favorable to get the best deal possible. Also, if you are looking to buy a home or you are thinking about changing from your current lender, you’ll want to do your research before you make any final decisions as the mortgage rate is just as important as the terms of your mortgage. The wrong terms for your mortgage could cost you thousands in extra fee or break fees!
Remember, all mortgages aren’t created equal, so it’s important to compare mortgage rates and with a mortgage broker or mortgage agent that you trust. The terms and conditions of mortgages vary, as do the interest rates. A mortgage should be set up to match your needs as much as possible. At Citadel Mortgages, we want to equip you with the knowledge you need to make the best decision for you and your family.
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An “open-term mortgage” is an appealing option to those who plan on paying off their mortgage sooner rather than later. This type of mortgage can be repaid fully or partially at any time without prepayment interest fees. If you want to convert them to another term, you can do so at anytime again without prepayment interest fees. The interest rates for open mortgages tend to be higher than those of closed mortgages because they have such flexibility and options for you as a client. Keep in mind these types of mortgages may have other fees involved as well, so it is best to talk to one of our mortgage agents to ensure you understand all the terms!
A “closed-term mortgage” is the most common choice for people who aren’t planning to pay off their mortgage in the near future. The interest rates for closed term mortgages tend to be lower than that of open mortgages. With closed term mortgages, you’re able to save on interest costs, and hopefully, this will help you to pay your mortgage back faster. Fixed or variable options are available for closed term mortgages, but there’s a restriction on the principal amount that you can pay towards our mortgage each year.
If you want to renegotiate your rate, you will need to pay a prepayment charge. Also, you will need to pay this prepayment charge, if you wish to pay off the balance of your mortgage before the end of the term or if you want to prepay more money than your mortgage will allow you to.
Also there are some closed mortgages that you are not allowed to pay off the mortgage at all until end of term which can make it hard to do refinancing in the future, again these are common terms that can cost thousand of dollars in the future and it is best to ask one of our mortgage agents to assist you in obtaining your mortgage so we can explain all the terms to ensure a smooth mortgage transaction.
With prepayment charges, you have the flexibility to increase your monthly payments or to pay the whole thing off. Contact our team of mortgage agents to find out more about your prepayment options.
More than 50% of Canadians have fixed mortgage rates, which means the monthly payment stays the same over the full term. You are protected against fluctuating interest rates so that it can set up, and you don’t have to worry about it. This may be the best option for you if you want stability, but we have to look at your complete financial picture to ensure this.
With a variable mortgage, your rates are typically lower, but they will vary over the term. Your payments will be based on market behavior, and this will affect how much you are paying. The amount you are paying will change over time but can also reduce the amount of interest you pay over your mortgage term or even help you pay off your mortgage faster.
At Citadel Mortgages, our knowledgeable mortgage agents can provide you with our best mortgage rates that fit your mortgage needs.
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Ideal if you want protection against interest rate increases or have a fixed payment over the term of your mortgage.
Ideal if you want to save money if interest rates go down.
Receive up to 1,000 Air Miles Reward Miles
Receive up to $2,500 cash back
*Some conditions apply, mortgage must close.
Even if you have 15 to 20% of the property value for down payment, it may not be enough to qualify for a loan, under the new rules, from a traditional lender such as a bank. As of January 1, 2018, new regulations were put in place, which makes it harder for first-time home-buyers and even experienced home-buyers to secure the mortgage loan they need.
The most significant impact will be on the amount for which the home buyer/owner will be able to qualify. Previously, the home buyer/owner qualified at the contract rate offered by the lender. While the actual mortgage payment will still be paid at the contract rate, a higher calculation will be used for qualification purposes.
Yes, home owners will still have the ability to refinance up to 80% of the value of their property. You will have to pass the same stress test, which is the higher of the Bank of Canada five-year benchmark rate OR the contract rate from the lender plus 2%
Mortgage lenders (excluding credit unions and private lenders) are prohibited from arranging with another lender: a mortgage, or a combination of a mortgage and other lending products, in any form that circumvents the institution’s maximum LTV ratio or other limits in its residential mortgage underwriting policy, or any requirements established by law. This is often referred to as “bundling” or “bundle partnership.”
For example, a client applies for a mortgage with an 80% LTV, and the lender can only approve 65%. The lender then partners with a second lender for the additional 15%. The original lender then “bundles” the 15% LTV mortgage with the initial 65% mortgage to form the complete 80% LTV loan. This is no longer permitted as per OSFI.
Copyright © 2018 Citadel Mortgages
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
Citadel Mortgages is licensed in the following: Ontario FSRA 12993 – Saskatchewan FCAA 509446, Nova Scotia 2021-3000010 – Alberta, PEI, Nunavut, Newfoundland 21-07-CI083-1. New Brunswick 210031130, British Columbia X301267, Quebec AMF – 3003071684
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“Instant Approval, Conditional Approval, Pre-Approval” – Borrower subject to credit and underwriting approval. Not all borrowers will be approved for conventional financing or equity financing. Receipt of the 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 rates calculated on a yearly term. APR varies; contact us for current rates or more information on a specific product. OAC. Citadel Mortgages. All
discounted mortgage products may be subject to an exclusivity agreement between
the applicant(s) and Citadel Mortgages. We thank you for your continued
support and look forward to providing our beloved customers with an unparalleled
level of service, ethics, and deal transparency. Please note some rates are based on province and are subject to change at any time. Please note not all rates are available in Quebec, please contact us to confirm your rate approval.
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