With competitive rates and flexible options, we can help you find a mortgage that fits.
Fixed-rate mortgages provide a locked-in interest rate and payment amount, but the portion that goes towards principal versus interest varies from payment to payment – the amount going towards principal increases as you pay off more of your mortgage, while the portion going towards interest decreases. If rates increase, your fixed rate stays the same, giving you the security of a fixed payment for the term of your mortgage.
An open mortgage allows you to pay back your mortgage, in part or full, at any time without penalty. A closed mortgage, on the other hand, requires you to maintain the payment schedule for the entire term you select, but you’re able to pay back a larger part of the principal at a specific time.
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Variable rate mortgages
A variable-rate mortgage allows you to take advantage of changing interest rates while providing the convenience of a fixed monthly payment. If interest rates fall, more of your payment will be directed to reducing your outstanding mortgage principal. If rates rise, more of your payment will go towards paying interest costs.
Adjustable Rate-Adjustable Payment mortgage
Similar to how a variable-rate mortgage works, an Adjustable Rate-Adjustable Payment mortgage allows you to take advantage of changing interest rates. However, instead of having a fixed monthly payment, the interest and principal payment amounts may fluctuate and are automatically adjusted each month based on our mortgage prime rate.
Lock and Roll mortgage
Another variation of a variable-rate mortgage, a Lock and Roll mortgage allows you to take advantage of changing interest rates. Here, the interest and principal payment amounts may fluctuate and are automatically adjusted every 6 months based on our 6-month fixed rate, less a pre-established discount.
Canada Life standard mortgage rates are applicable as of March 3, 2023 and are subject to change or withdrawal at any time without prior notice.Footnote 1
* Blend and extend transactions: Occur when a client with an existing Canada Life mortgage wants to break their existing “in-progress” term to borrow additional money.
- Footnote 1
- 1 Offers can be changed, extended or withdrawn at any time without prior notice. Rates can be guaranteed up to 120 days following receipt of the request. The Canada Life Assurance Company, the mortgagee (lender), is a federally regulated life insurance company.