Compare the best current mortgage rates in Ottawa for free.

In addition to choosing between a fixed or variable rate mortgage, Ottawa buyers will also need to decide between two types of mortgage payment structures: open or closed.

Open mortgage: This type of mortgage can be paid off in full at any time without penalty, and typically has a shorter term (up to five years). Open mortgages are more flexible and are geared toward people who want to make additional or increased mortgage payments, pay off the mortgage early, or move to a different home in the near future. But there’s a tradeoff: open mortgages interest rates are usually a little bit higher.

Closed mortgage: You’ll typically pay lower interest rates with a closed mortgage, but you’re required to make regular payments on a fixed schedule for the entire term. If you want to refinance, renegotiate or pay off your closed mortgage before the term is up, you’ll be charged a penalty. However, some lenders will allow you to make accelerated payments up to a certain amount each year. Every lender will have its own terms and conditions around closed mortgage prepayments.

Mortgage term: Homeowners are committed to their lender and mortgage contract for the duration of their mortgage term (the length of which is specified in the contract). At the end of the term, borrowers can renew their contract at a new rate. The most popular mortgage term in Canada is five years, though terms can range from six months to 10 years.

Amortization period: The amortization period refers to the duration of your mortgage. In other words, the total amount of time it will take you to pay off your loan’s principal plus the interest. In Canada, the maximum amortization period is 35 years. If your down payment is less than 20% of the total price of the home and you’re required to purchase CMHC mortgage insurance, your maximum amortization period is 25 years.

Depending on whether you’re a homeowner, renter, driver or commuter, your cost of living in Ottawa will vary.

There are some things to look out for, however, if you’re considering moving to Ottawa from another province.

In addition to your mortgage interest rate, prospective Ottawa homebuyers should consider a number of other costs to consider when thinking about relocating. If you own a vehicle, one of the biggest costs may be auto insurance. While Ottawa residents pay some of the lowest car insurance premiums in Ontario, the provincial average is still high (Ontario has the second highest car insurance rates in Canada). Ottawa has a lot of attractions that are popular with tourists and residents alike, which could also put additional strain on your wallet.

If you’re house hunting in Ontario, securing a low Ottawa mortgage rate is one great way to save money on your mortgage. However, it’s one of many things you can do to increase the overall affordability of your mortgage. Some of these features might include prepayment privileges and portability.

Prepayment privileges: Some banks and brokers will offer different prepayment terms, so it’s important to raise the issue before you sign your contract. A prepayment privilege allows you to pay off your mortgage early without having to pay an additional fee.

Penalties: If you need to break your mortgage, which you may need to do when you refinance or move, you may be required to pay thousands of dollars in penalties. While you may wind up with a better rate, if you choose to go with a different lender, it’s important to look at the fine print to ensure that it won’t cost you more than you’ll gain.

Portability: One way to avoid these penalties is to negotiate a portable mortgage. This means that if you move, you can transfer your mortgage to a new home and combine it with an additional mortgage loan.

LowestRates.ca works with 50+ Canadian banks and brokers to bring you Ottawa’s best mortgage rates. 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 for Ottawa. 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.

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 not only in Ottawa, but across the country.

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.