Kurt Woock
Beth BuczynskiCurrent posted True North mortgage rates
| Term | Ontario | Quebec |
|---|---|---|
| 6-month fixed (closed) | 3.49% | 3.49% |
| 1-year fixed (closed) | 5.79% | 5.79% |
| 2-year fixed (closed) | 4.84% | 4.84% |
| 3-year fixed (closed) | 4.29% | 4.29% |
| 4-year fixed (closed) | 4.59% | N/A |
| 5-year fixed (closed) | 4.24% | 4.24% |
| 5-year variable (closed) | 4.85% | 4.85% |
This table is updated daily on weekdays using data available on the True North’s website.
Other lenders’ rates
To get a fuller picture of current mortgage rates, you can also explore all rates NerdWallet covers:
Finding the best mortgage rates usually involves comparing rates from multiple lenders.
True North Mortgage fixed mortgage rates
True North Mortgage advertises around seven fixed-rate mortgages — the exact number varies by province. Terms range from one year to ten years.
True North Mortgage variable mortgage rates
There’s one variable rate listed on True North Mortgage’s website — a five-year term. It’s based on the prime rate. Judging by the range of advertised rates, you can expect variable rates between 0.90 and 0.05 percentage points lower than the prime rate.
True North Mortgage home equity line of credit
You can tap into your home’s equity to get a True North home equity line of credit. Like a mortgage, a HELOC uses your home as collateral. Unlike a mortgage, a HELOC is a revolving line of credit — similar to a credit card. That means instead of receiving a predetermined sum upfront, you can borrow an amount up to your borrowing limit at any time.
True North Mortgage specialty mortgages
True North Mortgage has options that fit mortgage needs that are more specific than the mortgage types listed above, including:
- Reverse mortgages.
- Mortgages for investment properties.
- Mortgages for second homes (vacation homes).
- Loans for newcomers to Canada.
- International home purchases.
- Mortgages if you’re self-employed.
- Mortgages that include funds for renovations.
True North’s rates for these types of loans typically aren’t advertised online.
Does True North Mortgage have the best mortgage rates?
NerdWallet’s mortgage rate tables include rates from some of Canada’s biggest banks and alternative lenders. Browse them to find out how True North Mortgage’s rates compare to the competition.
True North Mortgage at a glance
True Mortgage Mortgage is a Calgary-based mortgage brokerage, which means it works with lenders throughout Canada to find mortgages for its customers. Its brokers don’t work on commission, which stands out in an industry where working for lender-paid commission is typical. True North Mortgage says fully salaried brokers are incentivized to get you the best available product.
» MORE: Read our full review of True North Mortgage
In addition to giving you access to mortgages at other lenders, True North Mortgage has its own in-house option, called THINK Financial.
You can apply for a True North mortgage completely online, or you can visit one of 12 branch locations, which are located in major metro areas. True North Mortgage doesn’t have the same footprint of a Big 6 bank, but with locations within driving distance of many Canadians, it’s a good option for those who prefer an in-person experience.
True North Mortgage: Things to consider
It’s a brokerage, not a bank. This means True North Mortgage provides access to mortgage options from many different lenders to help find one that’s right for you — including mortgages offered by True North Mortgage’s lending arm, THINK Financial.
It can assist with unconventional mortgages. From renovation loans to international purchases, True North Mortgage can assist with mortgage types you won’t find everywhere.
Helpful blend of in-person and online options are helpful. True North Mortgage has brick-and-mortar stores located near many major population centers and its online application is available anywhere. That gives customers more options compared to online-only lenders or brokers.
Commission-free pay structure. Because brokers at True North Mortgage are fully salaried, they don’t run into possible conflicts of interest the same way someone working for a commission might, according to the company. While there’s no way to prove this impact of a commission-free pay structure, True North Mortgage may be worth considering if you’re worried about brokers steering you toward a particular lender, just because of the commission.
How to get the best mortgage rate at True North Mortgage
To get the lowest mortgage rate at True North Mortgage, you can:
- Improve your credit score. The higher your credit score, the lower the rate you’ll be charged.
- Save for a larger down payment. Go beyond Canada’s minimum down payment guidelines, and you may receive a lower rate. In addition, you can avoid paying a monthly mortgage insurance cost if your down payment is at least 20%.
- Lower your debt service ratios. Debt service ratios compare your income to your debt expenses. If these ratios are high, lenders see you as a riskier borrower. The more risk you present as a borrower, the higher the rate you’ll be offered. If you’re just starting the home-buying process, use an affordability calculator to see how these ratios might affect your budget.
- Shop around. The lowest rate you get from True North Mortgage may not be the lowest mortgage rate you can get. Look at other lenders to find out whose offer is the right fit for your financial situation.
- Negotiate: Don’t be afraid to ask your broker if True North Mortgage can improve on the rate they’ve offered you. If they stand firm, let them know that you’re going to ask your broker to investigate what other lenders are offering.
Getting pre-approved for a True North mortgage
Getting pre-approved for a mortgage is an important step in the home buying process. It’s a more in-depth process than a pre-qualification, and it results in more actionable information. A pre-approval tells you how much a lender is willing to loan you, and at what interest rate. This establishes your homebuying budget and lets homeowners know that any offer up to the full pre-approval amount is legit. True North Mortgage says it takes about 10 minutes to complete their pre-approval form.
Expect to provide True North Mortgage with documentation, including:
- Banking information that confirms your assets and down payment savings.
- A letter of employment.
- Pay stubs that demonstrate your income.
- Information related to any debts you have.
The mortgage pre-approval process will also include a hard credit inquiry, which permits access to your credit score and credit history. Hard inquiries may lead to a temporary dip in your credit score.
Frequently asked questions about True North mortgage rates
When discussing your mortgage options with a broker, make sure you understand the fees, terms and conditions involved with each mortgage offer. This includes prepayment privileges (and prepayment penalties). Having clarity around these factors during pre-approval can make the next step — officially applying for a mortgage once you’ve made a successful bid on a home — go smoothly.
A mortgage pre-approval is free and non-binding. Just because you get pre-approved with True North Mortgage doesn’t mean you can’t get your mortgage elsewhere.
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