Welcome
Whether you are a first-time buyer or an experienced buyer with excellent credit, Dominion Lending Centres has access to the very best products and rates available across Canada. Give us a call… we think you’ll be pleasantly surprised!
Get in TouchCurrent Rates
Our rates are always competitive and we pride ourselves on making sure that you get the best possible rate available to you. Check out our current rates below, compared to the competition.
Current Rates
Current variable mortgage rate is
5.80%
Current prime rate is
6.70%
-
- Terms
- Bank Rates
- Payment Per $100k
- Our Rates
- Payment Per $100k
- Savings
-
- 6 Months
- 6.59%
- $675.29
- 5.99%
- $639.21
- $36.08
-
- 1 Year
- 6.09%
- $645.17
- 5.99%
- $639.21
- $5.95
-
- 2 Years
- 5.79%
- $627.38
- 5.74%
- $624.43
- $2.94
-
- 3 Years
- 5.79%
- $627.38
- 4.99%
- $581.04
- $46.34
-
- 4 Years
- 6.09%
- $645.17
- 5.24%
- $595.34
- $49.82
-
- 5 Years
- 6.34%
- $660.15
- 4.64%
- $561.28
- $98.87
-
- 7 Years
- 6.60%
- $675.90
- 5.84%
- $630.33
- $45.57
-
- 10 Years
- 6.85%
- $691.18
- 5.99%
- $639.21
- $51.97
How to Apply
Applying for a mortgage couldn’t be easier. Just complete our secure application and we will be in touch shortly.
Apply NowCalculators
Our Interactive Mortgage Calculators will allow you to explore your Mortgage options to make the right home financing decision.
Use NowUnderstanding Mortgage Rates
While not the only factor to look at when choosing a mortgage, interest rates continue to be one of the more prominent decision criteria with any mortgage product. Understanding how mortgage rates are determined and the differences between your typical fixed-rate and variable-rate options can help you make the best decision to suit your needs.
HOW RATES ARE DETERMINED
The chartered banks set the prime-lending rate (the rate they offer their best customers). They base their decisions on the Bank of Canada’s overnight rate, because that’s the rate that influences their own borrowing. Approximately eight times per year, the Bank of Canada makes rate announcements that could affect your mortgage as variable mortgage rates and lines of credit move in conjunction with the prime-lending rate. When it comes to fixed-rate mortgages, banks
use Government of Canada bonds. In the bond market, interest rates can fluctuate more often and can provide clues on where fixed mortgage rates will go next. To put it simply: a variable-rate is based off of the current Prime Rate, and can fluctuate depending on the markets. A fixed-rate is typically tied to the world economy where the variable rate is linked to the Canadian economy. When the economy is stable, variable rates will remain low to stimulate buying.
FIXED-RATE VS. VARIABLE-RATE
Fixed-Rate Mortgage
First-time homebuyers and experienced homebuyers typically love the stability of a fixed rate when just entering the mortgage space. The pros of this type of mortgage are that your payments don’t change throughout the life of the term.
However, should the Prime Rate drop, you won’t be able to take advantage of potential interest savings.
Variable-Rate Mortgage
As mentioned, variable-rate mortgages are based on the Prime Rate in Canada. This means that the amount of interest you pay on your mortgage could go up or down, depending on the Prime. When considering a variable-rate mortgage, some individuals will set standard payments (based on the same mortgage at a fixed-rate). This means that, should Prime drop and interest rates lower, they would end up paying more to the principal as opposed to paying interest.
If the rates go up, they simply pay more interest instead of direct to the principal loan. Other variable-rate mortgage holders will simply allow their payments to drop with Prime Rate decreases, or increase should the rate go up. Depending on your income and financial stability, this could be a great option to take advantage of market fluctuations.
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Videos
DLC - Self Employed Mortgage Solution
DLC Mortgage Life Insurance Explained
DLC- Understanding Your Credit Report
DLC - Fixed VS Variable Rates
After dealing with the traditional banks where sometimes your just a name and number, it was great to work with Monica who gave a very personal touch, who listened patiently and provided the BEST scenario for our family.
Chris
Thank you for making our refinance process as easy as 123. It was a pleasure working with you!
Dennis
It was amazing working with Monica as she kept us informed every step of the way and guided us through lots of documents. She is very trustworthy and I would definitely work with her again.
Anna
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