Today’s Mortgage Rates updated as of October 16, 2025 9:54 pm
5-year fixed*
5-year Variable*
*Insured loans. Other conditions apply. Rate in effect as of today.
A cashback mortgage provides homeowners with a lump sum of cash at the time of their mortgage approval. This upfront amount, typically a percentage of your total mortgage value, can be used for expenses like closing costs, renovations, debt consolidation, or financial investments. While cashback mortgages often have slightly higher interest rates than traditional mortgages, they provide a unique financial advantage for homeowners needing immediate funds.
A cashback mortgage is structured to offer a percentage of your mortgage amount as cash upfront. For example:
While cashback mortgages generally have higher interest rates, they provide a financial buffer, especially for first-time buyers or those planning renovations.
Learn more about today’s best mortgage rates in Canada.
While 33% of non-homeowners believe they’ll never own*, our Citadel mortgage brokers are 100% confident they can make it happen. How? With our expert advice and guidance.
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
To qualify, lenders typically consider:
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!
| Feature | Cashback Mortgage | Traditional Mortgage |
|---|---|---|
| Cash Upfront | Yes, % of mortgage | No |
| Interest Rates | Slightly higher | Lower |
| Best For | Large upfront expenses | Long-term savings |
| Flexibility | High | Moderate |
At Citadel Mortgages, we recognize how important it is to stay informed about changing mortgage interest rates. Whether you’re purchasing your first home, refinancing, or renewing your mortgage, we’re here to guide you through the process with solutions that suit your financial needs, even in fluctuating rate environments.
From fixed to variable rates, we offer tailored solutions that help you secure the most competitive interest rates for your situation.
Our team monitors the Canadian mortgage market to provide insights on current rates, helping you make informed decisions.
We focus on finding solutions, even if you’ve faced credit challenges or financial setbacks.
Income constraints shouldn’t hold you back. We specialize in making homeownership accessible for Canadians in various financial situations.
Enjoy a smooth experience with quick approvals and clear communication every step of the way.
Secure today’s interest rates to avoid surprises if rates increase before your mortgage closes.
Consolidate high-interest debt into a single, lower-interest mortgage payment, saving you money and simplifying your finances.
Choose flexible payment terms that fit your budget, whether you prefer the stability of a fixed rate or the potential savings of a variable rate.
Refinance your mortgage to tap into your home’s equity for renovations, debt consolidation, or investment opportunities.
| Metric | Value |
|---|---|
| Average Cashback Percentage | 3%-5% of mortgage amount |
| Typical Cashback Use | Closing costs, renovations |
| Average Cashback Amount | $12,000 |
| Popular Terms | 5-Year Fixed |
They are often used to cover closing costs, pay off debt, or fund renovations.
Yes, cashback mortgages typically have slightly higher interest rates to offset the upfront cash provided.
Yes, but early repayment may result in a penalty, depending on your lender’s terms.
A cashback mortgage can be a valuable financial tool when managed strategically. By securing competitive rates and leveraging cashback wisely, you can achieve your homeownership goals with ease. Contact Citadel Mortgages today to explore your options and get started.
At Citadel Mortgages, we specialize in helping Canadians navigate the complexities of mortgage rates and terms. Whether you’re looking for a 6-month fixed rate, a 5-year variable, or something in between, our team is here to provide personalized guidance and access to the best rates in Canada.
At Citadel Mortgages, we pride ourselves on offering expert, client-focused mortgage solutions that stand out in the industry. Here’s why you should choose us:
Our mortgage brokers are licensed and certified across multiple provinces, providing exceptional advice and service tailored to your unique needs. Our mortgage brokers are committed to delivering the highest standards of professionalism and expertise.
Unlike traditional commission-based models, our mortgage agents are evaluated based on client satisfaction and the quality of their advice. This ensures that you receive impartial guidance on the best mortgage options for your situation.
Citadel Mortgages offers competitive rates that help you save money over the life of your mortgage. Our team works diligently to find the most favorable terms to suit your financial goals.
We are dedicated to transforming the mortgage industry by offering a transparent, seamless process. Our 100% digital platform ensures that you can manage your mortgage application from start to finish with ease and confidence.
At Citadel Mortgages, our mission is to provide a positive, empowering, and transparent property financing experience. We simplify the mortgage process to make it as straightforward and stress-free as possible.
For personalized advice and the best mortgage rates in Toronto, contact our licensed and knowledgeable mortgage experts at Citadel Mortgages.
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.