Mortgage loans: fixed, variable or made-to-measure

Compare the 3 types of mortgage loans

Here are the three types of loans available to you: fixed rate, variable rate, and made-to-measure. What's the best mortgage rate for you? It all depends on your risk tolerance.

	With fixed rate	With variable rate	Made-to-measure
What is it?	Your interest rate remains the same for the entire term.	Your interest rate can go up or down based on market fluctuations.	Your loan includes more than one type of product: fixed and variable. You can add a home equity line of credit if needed.
Ideal if you want to	Enjoy the security of equal mortgage payments.	Save on interest if rates go down.	Enjoy stable payments and take advantage of interest rate drops to save money.
Rates See all rates	See the fixed rates in effect** according to the different terms.	Benefit from a capped rate that protects against rate hikes.	Consider adding a home equity line of credit.
Terms and duration	Open (6 months or 1 year) No prepayment charge if you repay your loan in one shot. Ideal if you plan to sell your home. Closed (3 months to 10 years) Prepayment charge if you repay before maturity¹. The rate is lower than for an open loan.	Closed (5 years) 5-year commitment. Prepayment charge if you repay before maturity¹. More advantageous rate than an open term.	Fixed rate portion: open (6 months or 1 year) or closed (3 months to 10 years). Variable rate portion: closed (5 years).
Repayment	Speed up your mortgage repayment without prepayment charges. See our 4 options.		Based on the type of solution for your loan. Consult an advisor.

Special offers on certain terms

5 year variable rate⁶

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4 year fixed rate³

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5 year fixed rate³

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Find the mortgage that’s
right for you

See all rates

Explore our mortgage solutions

Home equity line of credit

Carry out new projects using the amount paid off your mortgage.

Mortgage for the self-employed

Get financing or refinancing tailored to your situation.

Mortgage loan insurance

Protect yourself and your loved ones from the repayment of your mortgage in case of unforeseen circumstances.⁵

Little details that matter

Cashback offer – terms and conditions and eligibility

Loan	Cashback amount
$750,000 or more	$3,000
$500,000 to $749,999	$2,500
$250,000 to $499,999	$1,500
$100,000 to $249,999	$1,000

Eligibility

To take advantage of this special offer, simply sign up for a National Bank mortgage loan by January 31, 2022.

Conditions

The mortgage loan must :

• have a fixed or variable rate with a term of 4 years or longer

• be for an owner-occupied residential dwelling with 1 to 4 units

• be disbursed within 90 days of receiving the client's application for an insured loan from National Bank

Prepare your loan application

Here are the main steps in preparing a mortgage application.

Take stock of your finances to prepare for the meeting with your mortgage advisor.
Get pre-approved online before or after your meeting.
Gather all the documents you'll need for the financing application.
Find your dream home and make an offer.
Have the property appraised by a professional certified by the Bank.
Once financing is approved, visit a legal professional to sign the official documents.
Congratulations! You're now a homeowner.

Consult the page on preparing a loan application for more information². Don't forget that your mortgage advisor can help you out!

Quickly access your documents

Need to access your tax information and assessments so you can complete a mortgage application? Use the Government Sign-In by Verified.Me service—it's user-friendly, fast and secure.

Legal disclaimers

*The cashback offer ends January 31, 2022. The offer applies to clients who have been approved by National Bank for a new eligible mortgage loan of $100,000 or more. The loan must be disbursed within 90 days of receiving the client's application for a loan from National Bank. The mortgage must have a fixed or variable rate with a term of 4 years or longer at the current promotional rate. This offer is only available to clients who obtain a National Bank mortgage during the promotional period at the current interest rate advertised on National Bank’s website on the current promotional rate page. The loan must be for an owner-occupied residential dwelling with 1 to 4 units. The offer may be modified, extended, or withdrawn without prior notice at any time. The offer may not be combined or used with any other National Bank offer, promotion or benefit (with the exception of the mortgage loan insurance offer). There is a limit of one cashback per mortgage loan. The cashback amount varies according to the amount of the loan:

$1,000 cash back for loans between $100,000 and $249,999
$1,500 cash back for loans between $250,000 and $499,999
$2,500 cash back for loans between $500,000 and $749,999
$3,000 cash back for loans above $750,000.

The cashback amount cannot exceed $3,000 per loan. If all conditions are met, the cashback will be granted on the loan disbursement date. You must maintain your mortgage loan for the duration of the term; otherwise, you will be required to reimburse a portion of the cashback received, in proportion to the remaining term. Mortgage loans are subject to credit approval by National Bank of Canada. Employees of National Bank and its subsidiaries and entities are not eligible for the offer.  

**Refers to standard rate.

***Based on a $300,000 fixed-rate mortgage 

With a 5-year closed term
With 25-year amortization 
With a $5/month administration fee
With a $330.00 appraisal fee. The appraisal fee may be adjusted or may not be charged as part of the assessment of your mortgage application.

**** The variation is subject to change without notice.

1. Financing subject to credit approval by National Bank. Limited-time offer; rates are subject to change. Financing must be for a residential dwelling with 1 to 4 units. This mortgage offer cannot be combined with any other offer, promotion or advantage at National Bank. Employees of National Bank and its subsidiaries and entities are not eligible for this offer. National Bank reserves the right to end this offer at any time without notice. All details and conditions are available in branches.

2. The rate can be guaranteed for up to 90 days following receipt of the application.

3. Rates may differ if amortization is more than 25 years. Contact an advisor for more information.

4. APR as of ${p1.tauxDateJour|date:"-"}. APR means "Annual Percentage Rate" and represents the total interest and fees charged by the Bank, expressed as an annual percentage.

5. Certain restrictions apply.

6. The special offer on the variable rate is the base rate - spread (%), and is updated monthly. The offer cannot be combined or stacked with any other offer, promotion or benefit applicable to National Bank mortgages and is not retroactive.

"Base Rate" means the annual interest rate that the Bank publicly announces from time to time as the reference rate used to establish the interest rate on Canadian dollar loans made by the Bank in Canada.