Skip to main content

How Canada Life is supporting you during COVID-19. Learn more

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Learn more

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Learn more

Your web browser is out-of-date. For the best experience, please update to a modern browser like Chrome, Edge, Safari or Mozilla Firefox.

Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

Since most people don’t have the cash available for a home, a mortgage is a loan that can help cover the balance. When you take out a mortgage you agree to pay back the sum at an agreed interest rate.

Buying your first home

Flexible payment options can help your dreams come true.

What kinds of mortgages are available?

There are 4 basic types of mortgages available with Canada Life. Each has unique features designed to help meet different needs.

Fixed-rate mortgage
Variable-rate mortgage
Lock and roll mortgage
Adjustable-rate mortgage

Main features

Set interest rate

Fixed payments

Fixed term and changing interest rate

Same payment for the length of the term

Can be converted to another term with Canada Life at any time

Interest rates and payments automatically adjust every 6 months

Interest rates and payments automatically adjust every month

Minimize your monthly payment

Differences

Protected from rising interest rates

Fixed payments

Benefit from decreasing rates

The portion of the payment amount that goes towards principal versus interest will change as our prime rate changes

Rate is locked in every 6 months

Best of both worlds

Combines the benefits of a long-term mortgage (5 years) with the benefits of a short-term mortgage rate

Rate is adjusted every month

Take advantage of changing interest rates

Payment options

Accelerated weekly

Accelerated bi-weekly

Semi-monthly

Monthly

 

Accelerated weekly

Accelerated bi-weekly

Semi-monthly

Monthly

Accelerated weekly

Accelerated bi-weekly

Semi-monthly

Monthly

Accelerated weekly

Accelerated bi-weekly

Semi-monthly

Monthly

Mortgage term

Flexible options up to 10 years

5 years

5 years

5 years

Ideal if

You think interest rates will increase over time

You like the idea of having predictable payments   

You want to take advantage of changing interest rates, but want a fixed payment amount for the entire term of the mortgage

You want a long-term mortgage with the ability to take advantage of short-term rates

You’re comfortable with the possibility of semi-annual payment adjustments over the term

You want the lowest available mortgage payment

You’re comfortable with your monthly payments changing over the term   

Talk to an advisor
Talk to an advisor
Talk to an advisor
Talk to an advisor

Your mortgage is determined by a formula that includes these factors:

Try our mortgage affordability calculator to determine your maximum home purchase price.

Mortgage rate specials

We have fixed-rate and variable-rate mortgage specials available.

Variable-rate mortgage offer

Term

Rate (%)

60-month closed

1.65 (P – 0.80)
View mortgage rates
Fixed-rate mortgage offer

Term

Conventional mortgage promo rate (%) Insured mortgage promo rate (%)

36-month closed

2.69 2.59

48-month closed

2.79 2.69

60-month closed

2.89 2.79
View mortgage rates

Use our mortgage payment calculator to discover which options work best for you.

In some cases you may benefit from paying the prepayment charge because you could save money in the long run. Our prepayment calculator can help you find out if it’s worth it for you.

More on mortgages

October 22, 2019

October 21, 2019

October 21, 2019