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Next, we’ll show you quotes from 50+ Canadian banks and brokers. It’s free, with no commitment.


When you find the best quote, secure your Newfoundland and Labrador mortgage rate by talking to a licensed broker or agent.

Compare mortgage interest rates today in Newfoundland and Labrador (NL)

Want to find out which banks to call on for cheap mortgage rates in NL, Canada? Wondering what the average mortgage rate in NL is? Who has the best 6-month mortgage rates in NL? Who has the lowest 5-year mortgage rates in NL? You’ve come to the right website. makes it easy for homebuyers to pinpoint which lenders have the best mortgage rates in NL for 2021 from 50+ banks and brokers across Canada.

Our service is free to use and there’s no obligation of any kind to go with the rate we offer.

In just a few minutes, you can see who has the best mortgage rates in Newfoundland and Labrador and what is the best mortgage rate in Newfoundland and Labrador. 

As your online NL mortgage agent, we have the answers to all these questions and more. See for yourself. Check out how much you can save by comparing rates in the charts below.

Variable Rates

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Fixed Rates

As low as


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Conventional vs. high-ratio mortgages: which is cheaper?

There are so many types of mortgages out there that it’s easy to get confused. To get you started, you’ll need to consider the mortgage down payment on your NL home. If you’re able to put down more than 20% of the value of the home as a down payment, you’ll be offered a conventional mortgage. On the other hand, if you put down less than 20% of the purchase price of the home as a down payment, you’ll be offered a high-ratio mortgage. You can get both on

We’ve pulled historical mortgage rates to show you the difference between high-ratio and conventional mortgages. Keep in mind that homebuyers with high-ratio mortgages are required to purchase mortgage insurance from the CMHC, which means rates are often lower.

Check out our chart to see a comparison of high-ratio mortgages and conventional mortgages in Newfoundland and Labrador.

Conventional 5-year fixed mortgage rates vs. high ratio 5-year fixed mortgage rates in Newfoundland and Labrador

DateAverage Conventional RateAverage High Ratio Rate
02/22 2.76%2.49%
03/22 3.06%2.79%
04/22 3.64%3.37%
05/22 4.05%3.73%
06/22 4.38%4.02%
07/22 4.88%4.50%
08/22 4.78%4.36%
09/22 4.76%4.36%
10/22 5.11%4.71%
11/22 5.43%5.13%
12/22 5.22%4.81%
01/23 5.19%4.75%

Last Updated: February 1, 2023

Fixed rate vs. variable rate mortgages: which is cheaper?

You can obviously save a ton of money by shopping around for a mortgage, but how do the best variable rates stack up against the best fixed house mortgage rates in NL? To find out, we compared rates on a 5-year fixed rate mortgage in NL vs. 5-year variable rate mortgage in NL.

Historically, variable mortgage interest rates in NL, Canada have been lower than fixed ones. Choosing a variable rate can result in huge savings over time. However, at a few points in 2019 and 2020, rates on 5-year variable mortgage and 5-year fixed mortgage in NL were only marginally different.

Regardless of which mortgage type you choose, you’ll find a low mortgage rate in NL by researching on

5-year fixed vs. 5-year variable mortgage rates in Newfoundland and Labrador

02/22 2.67%1.26%
03/22 2.99%1.52%
04/22 3.53%1.87%
05/22 3.91%2.26%
06/22 4.26%2.70%
07/22 4.73%3.21%
08/22 4.59%3.78%
09/22 4.59%4.23%
10/22 4.99%4.58%
11/22 5.24%5.06%
12/22 4.97%5.34%
01/23 4.87%5.67%

Last Updated: February 1, 2023

Factors that affect your Newfoundland and Labrador mortgage rate

If you want a mortgage company or broker in NL to lend you money for a mortgage, they will need to feel comfortable with your financial situation. To figure out if you represent a low-risk or high-ris borrower, the lender will weigh a few different factors.

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Typical mortgage amount in Newfoundland and Labrador

To calculate what the size of the mortgage on your Newfoundland and Labrador property will be depends on where you live, your down payment and your mortgage interest rate.

On a Newfoundland and Labrador detached home worth $269,700, a buyer who can make a 20% down payment will have to borrow $215,760.

On the same home, a buyer who can only make a 10% down payment will have to borrow $242,730.

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 Newfoundland and Labrador home.

Newfoundland and Labrador’s housing market and home prices

The benchmark price for single-family homes in St. John's was $269,700, up 5.9% on a year-over-year basis in January 2021.

The benchmark price for townhouse/row units was $263,500, edging up 3.9% compared to a year earlier.

The benchmark apartment price was $226,000, this was little changed, down only 0.4% from year-ago levels.

Newfoundland and Labrador closing costs and land transfer tax

Besides your new mortgage, you will need to budget for a few other costs that come with the purchase of a new home.

Property valuation (appraisal) fee: When you enter into a mortgage agreement with a lender, your house becomes the collateral the lender can use to get their money back if you default on your mortgage. In order to confirm that the value of your new home will be equal to or greater than the amount of your mortgage, the lender will want the value of your new home to be independently appraised. This property valuation or appraisal will cost in the range of $400 to $500.

Home inspection fee: Your prospective new home may look perfect to you but there could be some underlying issues that you can’t see or recognize. By hiring a home inspector before you commit to the purchase, you’ll know for sure whether the house is fine or requires some repair work. Expect to pay around $450 plus taxes for a certified home inspection.

Title insurance: Sometimes issues with your new home may not come to light until well after you’ve purchased the property. With title insurance, you’ll be protected. It covers you against any losses you might incur due to undetected or unknown defects to the property. Approximately $250. Purchased it through your lawyer.

Mortgage default insurance: If you can only afford a down payment on your new Newfoundland and Labrador home that is less than 20% you are obligated to purchase 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: Since the purchase of your new Newfoundland and Labrador home is a legal transaction it will require the services of a real estate lawyer in order to complete it. Expect to pay between $500 to $800.

Land transfer tax: Any time a property changes ownership from one person to another land transfer tax must be paid. In Newfoundland and Labrador, the land transfer tax is charged on the property value and mortgage amount. Here’s how it breaks down:

Home insurance: Homeowners insurance covers the cost to repair or rebuild your home after events like fire, smoke, theft, vandalism, a falling tree, or damage caused by weather such as lightning, wind, or hail. Most standard homeowners insurance policies also cover the replacement cost of furniture, clothing, and other possessions that you keep in your home.


Information for first-time homebuyers in Newfoundland and Labrador

To help offset the purchase price of your new Newfoundland and Labrador home there are three government programs you may be able to take advantage of. Plus, there is one tried and true method that you can use, right off the bat, to lower the cost of your mortgage. 

The simplest way to reduce your mortgage right from the get-go is to make an initial down payment of 20% or more on the purchase price of your new house. Doing so will, in all probability, ensure you qualify for the lender’s lowest mortgage rate which will lower the amount of your monthly payment and save you thousands of dollars in interest over the lifetime of your mortgage.

The other reason making a down payment of 20% or more will save you money is it will mean you qualify for a conventional mortgage rather than a high ratio one. If you could only qualify for a high ratio mortgage you would have to get mortgage insurance, through the Canadian Mortgage and Housing Corporation (CMHC), which would be an additional cost every month.

You may be wondering if there is such a thing as a no-down-payment mortgage in NL. The answer is no. You can’t get a 0 (zero) down mortgage in NL. In fact, no-down-payment mortgages were banned by the Canadian government in 2008.

What if you don’t have the money for a down payment? One option is you could borrow the money for a down payment from a private lender. But be aware, private mortgage rates in NL can be expensive. It’s an unregulated industry, so the broker and lender can set the rate. In some cases, the interest rate can be as high as 20%.

An easy way to see how much mortgage you can afford is to use this NL mortgage affordability calculator provided by the CMHC. Want to see how much a lower interest rate can reduce the monthly mortgage payment on your new NL home? Try this mortgage rates and payment calculator.

Here are some other tax credits that can reduce the cost of buying your first home.

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 Newfoundland and Labrador 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.

First Time Homebuyers Tax Credit: This is a $5,000 non-refundable tax credit designed to help buyers manage the closing costs of purchasing a new home. This credit is applicable across Canada.

GST/HST New Housing Rebate: As a new homeowner in Newfoundland and Labrador, 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 Newfoundland and Labrador and made additions, alterations, 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 Newfoundland and Labrador 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 Newfoundland and Labrador 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?

The mortgage rate that you qualify for from a Newfoundland and Labrador bank will most likely vary depending on whether you get an open mortgage or a closed mortgage.

With an open mortgage, you have the option to pay it off whenever you want. If you have a closed mortgage and want to pay it off before your mortgage term is over, you will have a penalty to pay.

Are there any advantages to a closed mortgage? Are closed mortgage rates in NL available?

Yes, a closed mortgage generally offers a lower interest rate than an open mortgage. Meanwhile, open mortgage rates in NL are usually variable and a little higher.

How much does it cost to live in Newfoundland and Labrador?

Owning a home: The average price of a residential home in Newfoundland and Labrador as of January 2021 is $$269,700.

Renting a home: Average cost in Newfoundland and Labrador as of January 2021.

  • 1-bedroom Apartment: $843/mth
  • 2-bedroom Apartment: $905/mth.
  • 3-bedroom Apartment: $1,400/mth.

Car insurance: Newfoundland and Labrador drivers pay the highest auto insurance premiums in Atlantic Canada and the Maritimes, and the fourth-highest yearly premiums for auto insurance in the country. The average cost of an insurance policy for a Newfoundland and Labrador driver is $1,168.

How much does getting a lower interest rate matter in Newfoundland and Labrador?

This question is one of the most commonly asked. So, what’s the answer? A lot. Even getting your new mortgage at a rate that’s just a quarter percent less than what another lender is offering can make a huge difference. You could literally save thousands of dollars in interest over the lifetime of your mortgage.

But don’t stop there. There are a few other ways you can reap some savings on your new mortgage.

For example, make sure you get a mortgage that boasts prepayment privileges. Simply put this will allow you to put extra money on your mortgage. Where will that extra money come from? Well, in the future you may inherit money from a relative or you could get a bonus or raise from work. Being able to put extra money on your mortgage will reduce your principal and save you thousands of dollars in interest.

Even if you think you’ve found your dream house, someday you might move. Maybe because you require more space to accommodate your growing family. Or perhaps you get a job transfer that takes you to another province. Give yourself options for down the road by ensuring your new mortgage is portable. With a portable mortgage, you can take your mortgage with you and use it to finance your new home. This will save you money because you will avoid the charges that would come about if you had to close one mortgage and open a new one.

Still curious about what are the current mortgage rates in NL? Who has the best mortgage rates in NL? Comparison shop with 


Your questions about, answered.

How are mortgage rates determined on works with 50+ banks and brokers to bring you competitive mortgage rates from lenders in Canada and we’re always adding new ones. 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 interest rates mortgage in NL. 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. 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 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.