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Mortgage Rates

As a reputable and established brokerage, we have forged long standing, trusting relationships with our lenders and industry partners. This enables us to secure promotional rates, competitive offers, and early access to new products. These benefits greatly assist our clients, as we can offer them exclusive opportunities that are not readily available in the general market.

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Our exclusive rates

Ontario

1 year 5.84
2 year 5.69
3 year 4.44
4 year 4.69
5 year 4.24**
5 years variable 5.50 (prime minus 0.95%)

Current Prime Rate: 6.45%. *Rates may vary provincially and are subject to change without notice OAC. **High Ratio only. Conditions may apply. May be subject to additional qualifying criteria and rate premiums.

Find out what Sherwood Mortgage Group can do for you!

Spanning across 6 provinces, our diverse group of brokers and agents come with years of expertise and our range of experience is vast. We have varying demographics, offer mortgage services in many different languages and pride ourselves on our high level of professionalism and quality service.

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FAQ

Pre-qualification or pre-approval?

FR The first step in buying a property is knowing the price range within your means. You can get an estimate for this amount through a mortgage pre-qualification, or for more certainty, a mortgage pre-approval.

A mortgage pre-qualification is a rough estimate of your borrowing capacity to purchase a property. It’s calculated based on your basic financial information such as your income and current debt. No credit check is involved, nor is it a guarantee of the approved financing which you may receive by a bank.

A mortgage pre-approval certifies your borrowing capacity based on several criteria including your credit rating. It confirms the amount that a bank agrees to lend you under certain conditions and protects the rate of this loan against potential rises for 90 days. A pre-approval demonstrates your seriousness to sellers and your real estate agent and does not impose any obligation for you to commit to the loan.

I'm purchasing a home that needs renovations. What are my mortgage options?

Question 3 FR

How Much Mortgage Can I Afford?

The amount of mortgage you can afford will depend on several factors. These include: income, credit score, debt to income ratio, and the current interest rates available on the market.

To get a full idea of how much mortgage you can afford, try our mortgage calculator below, or get in contact with one of Sherwoods award winning mortgage agents!

Will Mortgage Rates Go Down in 2024?

Mortgage rates are tied to the Bank of Canada and the rates announcements that they make periodically throughout the fiscal year. Currently as of April 2024, many experts believe that the Bank of Canada will cut interest rates at some point this year.

However, these decisions and the predictions about cuts are hikes can never be anything more but predictions. At Sherwood, we'll keep you up to date on the latest rte decisions from the BoC and always work to get you the best mortgage rates available!

What does a mortgage broker do?

A mortgage broker is a financial intermediary who matches prospective homeowners with the perfect lender for their unique scenario!

At Sherwood, our brokers and agents have access to exclusive offerings from a long list of lenders, and aren't confined to a small list of mortgage products like traditional lenders.