TEN STEPS TO BUYING YOUR DREAM HOUSE FOR THE LOWEST PRICE POSSIBLE – Your Complete Home Buyers Kit E-Book

It is easier for you to buy a new home if you have the information needed to guide you through the process! Download this eBook now and get the information you need to make this process as easy as possible!

Best mortgage rates with citadel mortgages GET APPROVED TODAY

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 its not always about 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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Citadel Mortgages Changing The Way Mortgages Are Done!

Current Best Mortgage Rates

“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 or mortgage rates shown here. 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* Mortgage rates always change please contact us for proper approval.

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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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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. If you want stability – this may be the best option for you, 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 that 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 with your mortgage needs.

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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.

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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 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*

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  1. In order to receive upto 1,000 Miles you must be a registered and provide a valid AIR MILES Collector Number to the Citadel Mortgage agent at the time of application; your mortgage must close and fund with Citadel Morttgages. Miles will be credited to your Collector Account within 30 days after all conditions have been met.

2. All rewards are offered subject to the Terms and Conditions of the AIR MILES Reward Program, are subject to change and may be withdrawn without notice. To redeem for Travel and/or Merchandise Rewards, you must have accumulated sufficient AIR MILES Reward Miles in your Dream Balance. Some restrictions may apply. Quantities may be limited. Collectors must pay applicable surcharges, fees and taxes on air, hotel and car rental Rewards. Travel Rewards may be subject to a minimum advance booking and availability from participating Suppliers. Merchandise Rewards include all taxes, shipping and handling costs. No cancellations, exchange or refunds for tickets, certificates or merchandise once booked or ordered. Manufacturers’ warranties apply to merchandise Rewards. LoyaltyOne, Co. makes no representations or warranties, express or implied. For complete details, see current Program Terms and Conditions, available at airmiles.ca or the AIR MILES Customer Care Centre at 1-888 AIR MILES (or in Toronto call 416-226-5171).

3. Use Miles in the Cash balance of your AIR MILES Collector Account in-store in increments of 95 Cash Miles for $10 towards purchases at participating AIR MILES Partner locations and online at airmiles.ca/cash in increments of 95 Cash Miles for every $10 value from participating Reward Partners to a maximum of $750 per day. eVouchers can be used at participating Reward Partners’ locations in Canada only. See specific eVoucher reward page for details and any restrictions. Visit airmiles.ca/cash to learn more. You must have accumulated sufficient Cash Miles in your Collector Account in order to use Miles towards in-store purchases and eVouchers. All Rewards offered are subject to the Terms and Conditions of the AIR MILES Reward Program, are subject to change and may be withdrawn without notice. For complete details, visit airmiles.ca.

4. A short haul flight is a return flight with origin and destination within the same flight zone having a departure date during low season of January 8 – February 28; April 1 – May 31; September 16 – December 15.

5. Flight examples shown are for illustrative purposes only. Examples represent the number of AIR MILES Reward Miles required during low season of January 8 – February 28; April 1 – May 31; September 16 – December 15. The required number of Miles is determined by the departure date. Miles required are the “starting from” rates for round-trip travel in economy class per traveller.

6. Mortgage applications are subject to meeting Citadel Mortgages and our lenders usual credit criteria.

7. All mortgages must close and fund with Citadel Mortgages, this offer is vaiild with any new or renewal mortgage and offer can change at any time without notice.

8. AIR MILES® Bonus Miles are suject to a closed mortgage that fund with Citadel Mortgages. The AIR MILES® Bonus Miles will be added to the account 30 days after mortgage closes,.

Please note all terms and conditions can change at anytime.

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You agree to these terms and conditions.

Visit airmiles.ca/WhereCanIFly to help you calculate the number of Miles you need to fly to your selected location.

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