Canada Life Mortgage Rates

Canada Life offers fixed-rate mortgages in term lengths ranging from 6 months to 1 year. They also offer floating interest rate mortgages in variable and adjustable rates as well. Below you will find Canada Life's most recent mortgage rates.
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What's the difference between an open term and closed term mortgage?

An open term mortgage allows you to pay back your mortgage in part or in full at any point during your mortgage term. Unlike closed term mortgages, open term mortgages have no penalties for early re-payment.

On the flip side, closed term mortgages have lower interest rates than open term mortgages. They also have more restrictive prepayment allowances. A prepayment is any additional payments you make towards your mortgage, that is above your regularly scheduled mortgage payment.

Canada Life mortgage prepayments

Canada Life allows you to pay an additional 15% of your outstanding mortgage principal balance every year without penalty on closed term mortgages. Making prepayments beyond 15% will result in Canada Life charging you a prepayment penalty. To see how much in prepayment penalties you could face, check out Canada Life's prepayment penalty calculator.

What's the difference between a fixed rate and variable rate mortgage with Canada Life?

With a fixed-rate mortgage, your interest rate and mortgage payment will remain the same for the duration of your mortgage term. You don't have to worry about rising interest rates causing your borrowing costs to increase.

A variable-rate mortgage, on the other hand, has a floating interest rate that fluctuates along with Canada Life's prime lending rate. If their prime lending rate increases, more of your mortgage payment will go towards paying interest, and less will go towards paying down the principal.

Canada Life also offers an adjustable-rate mortgage. An adjustable-rate mortgage is similar to a variable rate mortgage, but if prime lending rates change, so will your overall mortgage payment.

Canada Life mortgage rates

Canada Life offers fixed-rate closed term mortgages in term lengths ranging from 6 months to 10 years. Open term mortgages come in either 6 month or 1-year term lengths.

If you make a down payment of less than 20% on your home purchase, you could receive one of Canada Life's insured mortgage offers. These lower down payment mortgages are referred to as insured mortgages because they're required to have mortgage default insurance. Canada Life's insured mortgage rates are only available on 3, 4, and 5-year fixed-rate terms.

If you can handle fluctuating interest rates, Canada Life offers a 5-year variable rate mortgage and a 5-year adjustable-rate mortgage. Both of these floating rate mortgages offer lower interest rates up front, but if Canada Life's prime lending rate increases, so will your borrowing cost.

Getting a mortgage with Canada Life

When you're ready to move forward with a mortgage from Canada Life, you can contact them to speak with an advisor. The advisor will guide you through the mortgage application process, as well as answer any questions you may have about Canada Life's mortgage products.

About Canada Life

Headquartered in Winnipeg, Canada Life primarily provides life insurance products to its clients. They also offer a variety of wealth management, retirement planning, home financing, and business banking solutions as well.

The company was formed in 2019 through the merger of Great-West Life, London Life, and Canada Life into one brand. They have over 10,000 employees spread across offices in Winnipeg, London, Ont., Toronto, Montreal, and Regina.

Ⓒ 2022

Disclaimer: strives to keep its mortgage rates and information up to date and accurate. The information and tools presented on are for informational and educational purposes only and does not constitute financial advice. At times the information you see when you visit a financial institution's or broker's website may be different. When looking for a mortgage, please contact the financial institution or broker directly for the latest terms and conditions.