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How comparing mortgage quotes works. Hint: it’s free!
First, choose whether you're buying a new home, refinancing or renewing, and fill in a few details. It only takes 3 minutes, and it’s 100% confidential.
Next, we’ll show you quotes from 75+ Canadian banks and brokers. It’s free, with no commitment.
When you find the best quote, secure your Mississauga mortgage rate by talking to a licensed broker or agent.
Compare mortgage rates in Mississauga.
Getting set to take out a mortgage in Mississauga, Ontario? You’ll have access to some of the lowest mortgage interest rates in Mississauga, thanks to ferocious competition among Canadian banks and lenders in the city and in the Greater Toronto Area. See just how low today’s mortgage interest rates can go right here at LowestRates.ca — we’ll bring you all the cheapest mortgage rates for your house in Mississauga, just like that.
As low as
As low as
Cha-ching! Our rates are always lower than the posted bank rates.
Current lowest posted bank rate
Conventional vs. high-ratio mortgages: which is cheaper?
On LowestRates.ca, customers can start an application for a number of different mortgage products. The two main types of mortgages you can apply for include conventional mortgages and high-ratio mortgages. A conventional mortgage means that the homebuyer has put at least 20% of the property’s purchase price down. With this type of mortgage, the homebuyer does not have to purchase mortgage insurance from the Canada Mortgage and Housing Corporation (CMHC).
A high ratio mortgage, on the other hand, is where homeowners put down less than 20% of the purchase price as a down payment, which means they’re required to purchase mortgage insurance from the CMHC. Below, you’ll see a comparison of high ratio mortgages and conventional mortgages in Mississauga, Ontario, Canada. We’ve charted the provincial average, as mortgage rates do not vary by city.
Conventional 5-year fixed mortgage rates vs. high ratio 5-year fixed mortgage rates in Ontario
Average Conventional Rate
Average High Ratio Rate
Last Updated: May 1, 2022
Fixed rate vs. variable rate mortgages: which is cheaper?
When conducting a mortgage rates comparison for your Mississauga home, it’s important to compare different offers.
A question homebuyers continue to face is how do the current variable mortgage rates in Mississauga compare to the best fixed mortgage rates in Mississauga?
To find the answer, we compared the average 5-year fixed mortgage rates and 5-year variable mortgage rates that people interested in owning a home in Mississauga have applied for on our site.
From our comparison, we discovered that whether you go with a fixed or variable rate on LowestRates.ca, you’re getting a great mortgage loan deal for your Mississauga home. Our average 5-year fixed rates and 5-year variable mortgage rates for Mississauga have been virtually neck and neck since the end of 2020. We’ve charted the provincial average, as mortgage rates do not vary by city. Rates are influenced by the borrower’s individual financial situation.
Keep reading to learn more about the difference between fixed and variable mortgage rates. Compare the best mortgage rates in Mississauga, Ontario in 3 minutes.
5-year fixed vs. 5-year variable mortgage rates in Ontario
Last Updated: May 1, 2022
Factors that affect your Mississauga mortgage rate
The less risk a lender feels they are taking by lending you money, the more likely you will qualify for a low mortgage rate for your house. To determine how risky you may (or may not) be as a borrower, the best mortgage brokers and lenders in Mississauga will assess your financial health. They will do this by reviewing a few different factors.
Down payment: If you can put a payment of 20% down on the purchase of your home, you will usually qualify for the lowest mortgage rates from your Mississauga broker or lender.
Debt service ratios: These are formulas that mortgage companies in Mississauga use to calculate if, based on your monthly income and expenses, you will have the ability to make the mortgage payments on your home each month. There are two types of formulas they employ:
Gross debt service ratio (GDS): This calculation determines what portion of your income each month will be going towards property expenses i.e. mortgage payments, property taxes, utilities, etc. All of these expenses are then added up and divided by your gross annual income. If the percentage is 32% or less, the bank or lender will be confident in your ability to pay your housing costs each month.
Total debt service credit ratio (TDS): This calculation takes all of the property expenses used to calculate the GDSR and adds on any other monthly payments you may have (e.g. student loan, car loan, minimum credit card payments, etc.). The total of these costs is then divided by your gross annual income. If the percentage is 40% or less, the mortgage company will be confident in your ability to make all of your payments each month.
Credit score: If you have a good credit score, you are more likely to qualify for a lower mortgage rate on your Mississauga home. Your credit score indicates to lenders how reliable you are at making payments on-time on both installment loans (e.g. car loan) and revolving credit (e.g. credit cards). Your credit score also takes into account if you use less than 20%-30% of your available credit, have maintained long-standing relationships with banks and lenders and have avoided opening too many new accounts.
Income: If you have a good, stable source of income this provides the mortgage company with further peace of mind knowing that you will be able to make your future mortgage payments on-time as well as your other monthly expenses. Consequently, you are more likely to qualify for the bank’s cheapest mortgage rate on your Mississauga home.
Typical mortgage amount in Mississauga
To calculate the size of your mortgage will depend on where you live in Mississauga, your down payment and your mortgage interest rate.
On a Mississauga detached home worth $1,175,000, a buyer who can make a 20% down payment will have to borrow $940,000.
On the same home, a buyer who can make a 10% down payment will have to borrow $1,057,500.
Plus, keep in mind, if your down payment is less than 20% you will need to get mortgage loan insurance through the Canada Mortgage and Housing Corporation (CHMC). This will protect your lender if for some reason you are unable to make your mortgage payments.
With CMHC mortgage loan insurance you can qualify for a mortgage for up to 95% of the purchase price of your Mississauga home.
Mississauga’s housing market and home prices
The median sale price for a single detached home in Mississauga rose 17.5% on a year-over-year basis to $1,175,000 in the fourth quarter of 2020.
The median sale price for a semi-detached home in Mississauga rose 12.8% on a year-over-year basis to $855,000 in the fourth quarter of 2020.
Condominium townhouse units
The median sale price for a condominium townhouse in Mississauga was up 9.4% on a year-over-year basis to $662,000 in the fourth quarter of 2020.
Condominium apartment units
The median sale price for a condominium apartment in Mississauga edged up 3.4% on a year-over-year basis to $505,000 in the fourth quarter of 2020.
Mississauga closing costs and land transfer tax
Besides your mortgage, there are a number of other costs associated with closing the purchase of a home in Mississauga that you should include in your budgeting.
Property valuation (appraisal) fee: A bank or lender will want to have an objective evaluation of what your potential new house in Mississauga is worth before they agree to lend you the funds for your mortgage. To do this you must pay to have a property valuation or appraisal done. The approximate cost is $400 to $500.
Home inspection fee: A licensed home inspector can determine whether your prospective home is in good working order and what, if any, repairs or updates are necessary along with their approximate cost. A home inspection in Mississauga costs approximately $450 plus taxes.
Title insurance: This type of insurance protects your ownership of the title (i.e. the Mississauga property you’ve purchased) against any losses you might incur because of undetected or unknown defects to the property. Approximately $250. Purchase it through your lawyer.
Mortgage default insurance: If the down payment on your Mississauga home is less than 20% you will need to get mortgage loan insurance through the Canada Mortgage and Housing Corporation (CHMC). The cost of the insurance is calculated by taking the mortgage loan amount and dividing it by the purchase price.
Legal fees: The purchase of a home in Mississauga involves a fair bit of paperwork which means you will require a real estate lawyer to review it. The cost for these legal fees will range between $2,000 to $3,000.
Land transfer tax: This tax must be paid anytime a property is exchanged from one person to another. In Mississauga, because it is part of the GTA, there are two land transfer taxes that must be paid: a municipal one and a provincial one. The rate of tax ranges from 0.5% to 2% and depends on the price of the property you are purchasing.
Home insurance: Based on a million-dollar home, the average cost for home insurance in Mississauga, Ontario is around $900 a year. Generally speaking, the more expensive the value of your home and its contents, the more expensive your home insurance will be.
Information for first-time homebuyers in Mississauga
If you’re a first-time Mississauga home buyer there are a few things you should keep in mind that can impact the amount of mortgage loan and the interest rate you will qualify for.
How much of a down payment do you need? The larger the down payment you make, the smaller the mortgage amount you’ll require to finance the purchase of your Mississauga home, which will save you thousands of dollars in interest over the lifetime of your mortgage. In addition, the larger your down payment on your Mississauga home the more likely the broker, lender or mortgage company will be willing to give you one of their lowest interest rates. Ideally, you want your downpayment to be 20% of the price of your property. If it is lower than 20% then you will need to get mortgage loan insurance through the CHMC.
First-time Home Buyers Incentive: Eligible first-time homebuyers who have the minimum down payment for an insured mortgage can apply to finance a portion of their Mississauga home purchase through a shared equity mortgage with the Government of Canada. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment will lower your mortgage carrying costs, making homeownership more affordable.
GST/HST New Housing Rebate: As a new homeowner in Mississauga, you may be entitled to a rebate on some of the HST you paid on the purchase price or cost of a new-build home or a substantially-renovated home. GST/HST New Housing has all of the details.
Federal Home Accessibility Tax (HATC) for Seniors and Persons with Disabilities: If you’ve purchased a house in Mississauga and made additions, modifications, or renovations to it in order to make it more accessible to a disabled person or senior citizen, you can take advantage of the HATC tax credit to deduct up to $10,000 from the amount of taxes you owe to the CRA.
Your questions about Mississauga mortgages, answered.
What’s the difference between a mortgage term and an amortization period?
Mortgage term: The mortgage term is the amount of time that you commit to your mortgage rate, lender and the terms and conditions of the contract. At the end of the term, you’ll renew your contract with the mortgage company for the remaining principal at a new rate. The process repeats until you’ve paid off the mortgage on your Mississauga home. A mortgage term can vary in length, from six months to 10 years, with the most common term in Canada being five years.
Amortization period: The amortization period is the amount of time it will take you to pay off your entire mortgage. In Canada, the maximum amortization period is 35 years. But, if your down payment was less than 20% and you were required to purchase mortgage insurance from the Canadian Mortgage Housing Corporation (CMHC), then your maximum amortization period is 25 years.
What’s the difference between an open mortgage vs. a closed mortgage?
An open mortgage gives you the flexibility to pay off the mortgage on your Mississauga house at any time. With a closed mortgage, if you pay it off before the mortgage term ends, you have to pay a penalty.
So why would anyone choose to go with a closed mortgage?
Because a closed mortgage generally offers a lower interest rate than an open mortgage. With an open mortgage, the rate is usually variable and a little higher.
How much does it cost to live in Mississauga?
Owning a Home: Average cost in Mississauga as of February 2021.
3-bedroom, detached house: $1.3M
3-bedroom townhouse: $817K
2-bedroom condo: $557K
Renting a Home: Average cost in Mississauga as of January 2021.
Car Insurance: The average cost of car insurance in Mississauga is $3,511, according to LowestRates.ca’s 2019 user data. That's 43% higher than the provincial average of $1,505.
How much does getting a lower mortgage interest rate matter in Mississauga?
Whether your new home is located in Mississauga or somewhere else in Canada, getting the cheapest interest rate possible will save you thousands of dollars in interest over the lifetime of your mortgage.
But a low interest rate isn’t the only way to save on your mortgage costs.
Having a mortgage with prepayment privileges allows you to make additional payments on your mortgage. Doing this reduces the amortization period of your mortgage and, as a result, will reduce the amount you pay towards interest.
Another way you can save on your mortgage is by having one that is portable. A portable mortgage means you can take your existing mortgage with you if you decide to move from your current home to another home. This will save you having to pay charges that are associated with closing and opening a mortgage.
Your questions about LowestRates.ca, answered.
How are house mortgage rates for Mississauga determined on LowestRates.ca?
LowestRates.ca works to bring you competitive mortgage rates from 75+ banks and brokers in Canada. We work with our partners to obtain their best deals and offers, and then we let them compete for your business. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage rates. There’s no obligation, but you can choose to speak with our broker partner to secure your best rate and see if you're eligible for more savings.
Is it safe to get a mortgage online?
Yes, it’s safe — you no longer need to visit a bank branch or mortgage broker’s office in person to apply for a mortgage. It’s becoming increasingly common for Canadians to apply for mortgages online. LowestRates.ca only works with reputable, trustworthy financial institutions. Your credit score won’t be affected and your information is secure. We don’t share your information with anyone unless you want to connect with a mortgage broker. We take care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders in the country.
How do I know I’m getting the lowest rate?
We have a strong selection of lenders on LowestRates.ca including the big banks and many independent providers and we’re adding more lenders all the time. This ensures we’re always delivering you a competitive rate. Even if you’re not ready to commit to anything, you can use our site as a starting point for research (it’s totally free, and you’re under no obligation).
The better informed you are, the more likely you'll negotiate a better deal for yourself. And, really, that’s what we care about the most.
In a new suburb, builders will often have a model home on site to showcase the soon-to-be-built-homes. Fully furnished and beautifully decorated, this home is meant to entice you to buy one in the new neighbourhood.
If you have a sneaking suspicion that everything is more expensive these days, you’re right. Canada’s inflation rate hit an 18-year high in October of last year, sending consumer prices soaring. So much so that the cost of living has increased by nearly 5%, according to Statistics Canada.