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BEST MORTGAGE RATES IN CANADA

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!

See the Difference for Yourself, Get Approved Today!

High Ratio Purchase Rates

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%.

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1 Year Fixed Rate
(High Ratio)

Rate Type 1-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

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2 Year Fixed Rate
(High Ratio)

Rate Type 2-Year-Fixed

Mortgage TypeClosed

Prepayment 20%

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3 Year Fixed Rate
(High Ratio)

Rate Type 3-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

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Often during your mortgage journey, you will run into bank specialists and other mortgage agents or brokers that will tell you what you want to hear, so you give them the documents required to get your approval. While we understand you as a client want to hear you will get the lowest rate, please be aware that unless any mortgage broker or bank specialist has been given all the required documents and has fully underwritten your file, any rates offered are just quotes and not firm approval. Many times we find clients have been told what they want to hear because either the client has forced the mortgage broker or bank specialist to say to them the lowest rate, or they have just been told that to try and make the deal more effortless, but only to get to closing day to have the lender pull out of the deal!

Imagine you are at the lawyers to find out your deal was not approved because of something they found in your file; this happens often. This is why we ask for all the required documents upfront at Citadel Mortgages to ensure things like this do not happen at closing. We understand not all clients want to follow our award-winning process, which is OK with us; it just means we can not work together.

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.

As an award-winning national brokerage across Canada, we have been featured in the National Post, Financial Post, Toronto Sun, Ottawa Citizen, CMP Mortgage and many more. So, what type of experience do you wish to have? One where you hear what you want only to have issues maybe later or the latter where we are honest and only provide you with the correct information once your apporved? 

We ask you to trust our award-winning process and allow us to collect all the documents so we can help you in your mortgage journey!

Don’t believe us read our client reviews and read our national articles as we offer the best service and mortgage rates for your mortgage journey!

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4 Year Fixed Rate
(High Ratio)

Rate Type 4-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

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5 Year Fixed Rate
(High Ratio)

Rate Type 5-Year-Fixed

Mortgage TypeClosed

Prepayment 20%

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10 Year Fixed Rate
(High Ratio)

Rate Type 5-Year-Variable

Mortgage TypeClosed

Prepayment 15%

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6 Month Fixed Rate
(High Ratio)

Rate Type 6-Month Fixed

Mortgage TypeClosed

Prepayment 20%

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3 Year Variable Rate
(High Ratio)

Rate Type 3-Year-Variable

Mortgage TypeClosed

Prepayment 20%

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5 Year Variable Rate
(High Ratio)

Rate Type 5-Year-Variable

Mortgage TypeClosed

Prepayment 15%

Insured Purchase Rates ( Up to 80% LTV)

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%.

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1 Year Fixed Rate
(Insured)

Rate Type 1-Year-Fixed

Mortgage TypeClosed

Prepayment 20%

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2 Year Fixed Rate
(Insured)

Rate Type 2-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

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3 Year Fixed Rate
(Insured)

Rate Type 3-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

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4 Year Fixed Rate
(Insured)

Rate Type 4-Year-Fixed

Mortgage TypeClosed

Prepayment 20%

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5 Year Fixed Rate
(Insured)

Rate Type 5-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

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10 Year Fixed Rate
(Insured)

Rate Type 10-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

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6 Month Fixed Rate
(Insured)

Rate Type 6-Month-Fixed

Mortgage TypeClosed

Prepayment 15%

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3 Year Variable Rate
(Insured)

Rate Type 3-Year-Variable

Mortgage TypeClosed

Prepayment 15%

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5 Year Variable Rate
(Insured)

Rate Type 5-Year-Variable

Mortgage TypeClosed

Prepayment 15%

unInsurable Purchase & Refinance Rates
( Up to 80% LTV)

These rates are applicable to purchase deals with a purchase price of over 1 million dollars and a 25-year or 30-year amortization period. They are specifically for uninsurable mortgages with a loan-to-value ratio of up to 80%. Additionally, these rates apply to uninsurable transfers with a maximum loan-to-value ratio of 80%.

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1 Year Fixed Rate
(UnInsurable)

Rate Type 1-Year-Fixed

Mortgage TypeClosed

Prepayment 20%

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2 Year Fixed Rate
(UnInsurable)

Rate Type 2-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

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3 Year Fixed Rate
(UnInsurable)

Rate Type 3-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

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4 Year Fixed Rate
(UnInsurable)

Rate Type 4-Year-Fixed

Mortgage TypeClosed

Prepayment 20%

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5 Year Fixed Rate
(UnInsurable)

Rate Type 5-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

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10 Year Fixed Rate
(UnInsurable)

Rate Type 10-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

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3 Year Variable Rate
(UnInsurable)

Rate Type 3-Year-Variable

Mortgage TypeClosed

Prepayment 15%

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5 Year Variable Rate
(UnInsurable)

Rate Type 5-Year-Variable

Mortgage TypeClosed

Prepayment 15%

line of credit (heloc)

These rates apply to purchase, refinance, or equity take-out deals. HELOCs are available with a maximum loan-to-value ratio of 65%. It is possible to combine a mortgage and a HELOC to reach a combined loan-to-value ratio of 80%, for instance, with a 65% HELOC and a 15% mortgage. B-lenders, such as Credit Unions and Trust Companies, offer second-position HELOCs behind most banks. Private lenders provide both first and second-position HELOC products.

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Bank Heloc Rate
(Up To 65%)

Rate Type HELOC

Mortgage TypeOpen

Prepayment Open

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B Lender Heloc Rate
(Up To 65%)

Rate Type HELOC

Mortgage TypeOpen

Open

8.99-17.99%

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Private Heloc Rate
(Up To 80%)

Rate Type HELOC

Mortgage TypeOpen

Prepayment Open

9.99-17.99%

ALTERNATIVE FINANCING B LENDING RATES

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.

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1 Year Fixed Rate
(1 % Lender Fee Applies)

Rate Type 1-Year-Fixed

Mortgage TypeClosed

Prepayment 20%

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2 Year Fixed Rate
(1 % Lender Fee Applies)

Rate Type 2-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

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3 Year Fixed Rate
(1 % Lender Fee Applies)

Rate Type 3-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

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4 Year Fixed Rate
(1 % Lender Fee Applies)

Rate Type 4-Year-Fixed

Mortgage TypeClosed

Prepayment 20%

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5 Year Fixed Rate
(1 % Lender Fee Applies)

Rate Type 5-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

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5 Year Varaible Rate
(1 % Lender Fee Applies)

Rate Type 5-Year-Variable

Mortgage TypeClosed

Prepayment 15%

OUR TRUSTED LENDER PARTNERS

The Reason Behind Requiring Many Documents for Your Mortgage Journey

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.

See the Difference for Yourself, Get Approved Today!

Which Mortgage Is Right For You?

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.

Comparison: Variable vs. Fixed Mortgage Rates

Fixed Mortgage Rates

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.

Variable Mortgage Rates

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.

What We Offer

At Citadel Mortgages, our knowledgeable mortgage agents can provide you with our best mortgage rates that fit your mortgage needs.

See the Difference for Yourself, Get Approved Today!

Your Journey Products

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BEST MORTGAGE RATES

What Mortgage Rate Is Best For Me

Ideal if you want protection against interest rate increases or have a fixed payment over the term of your mortgage.

5 YEAR FIXED HIGH RATIO RATE ( UP TO 95% LTV)

5 YEAR FIXED REFINANCED RATE

( UP TO 80% LTV)

Ideal if you want to save money if interest rates go down.

5 YEAR VARIABLE HIGH RATIO RATE ( UP TO 95% LTV)

5 YEAR VARIABLE REFINANCED RATE ( UP TO 80% LTV)

Combine a mortgage with a home equity line of credit to pay your mortgage off faster, while having a readvacable line of credit to use in the future!

5 YEAR FIXED RATE 

HELOC RATE

Receive up to 1,000 Air Miles Reward Miles

Receive up to $2,500 cash back

*Some conditions apply, mortgage must close.

FIND A BETTER MORTGAGE RATE

New Mortgage Rules FAQ

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.

Find out how much home you can afford

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Calculate how much you’d spend each month to buy a home or renew or refinance your mortgage.

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Our Awards

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Citadel 1 Year Fixed High Ratio Mortgage Rate

6.44%

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1-Year-Fixed

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Citadel 2 Year Fixed High Ratio Mortgage Rate

6.24%

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2-Year-Fixed

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Citadel 3 Year Fixed High Ratio Mortgage Rate

5.54%

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3-Year-Fixed

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Citadel 4 Year Fixed High Ratio Mortgage Rate

5.54%

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4-Year-Fixed

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Citadel 5 Year Fixed High Ratio Mortgage Rate

5.29%

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5-Year-Fixed

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment