CMLS Financial Mortgage Rates & Reviews

This Page's Content Was Last Updated: July 18, 2022
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CMLS Background


CMLS is a privately owned mortgage services company founded in 1974 and is headquartered in Vancouver, British Columbia. The firm specializes in all mortgage-related activities, such as residential mortgages, advisory services, institutional services, capital market activities, and asset management. The company has a portfolio exceeding $20 billion in assets under administration, with mortgage originations being over $5 billion per year.

Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
Mortgage Term:

CMLS Financial Fixed Mortgage Rates

Getting a fixed rate CMLS Financial mortgage will give you the benefit of keeping the same CMLS mortgage rate for your entire term. This gives many homebuyers the peace of mind they need to feel comfortable taking out a mortgage, especially for first time home buyers. The only time that you will be affected by a change in mortgage rates with a fixed rate mortgage is when you go to renew your mortgage. Because of this, longer terms such as the 5 year fixed mortgage and the 3 year fixed mortgage are very popular with homebuyers.

TermCMLS RateCanada's Lowest Rate
1-Year Fixed
2-Year Fixed
3-Year Fixed
4-Year Fixed
5-Year Fixed
6-Year Fixed
7-Year Fixed

The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time. false

Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
Mortgage Term:

CMLS Financial Variable Mortgage Rates

A variable rate mortgage from CMLS Financial will allow you to benefit if CMLS mortgage rates fall, however will cost you more in interest payments if they rise. No matter what happens with your mortgage rate, you will still have the same monthly mortgage payment, with the only difference being in the breakdown of the payment. If the prime rate and mortgage rates rise, you will owe more towards interest payments and will be paying less to the principal balance, while if interest rates fall, more will go towards the principal and less to interest.

TermCMLS RateCanada's Lowest Rate
8-Year Variable
9-Year Variable
10-Year Variable

The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time. false

CMLS Financial History

cmls history infographic

CMLS Mortgage Break Penalty

If you decide to break your current mortgage early, you will owe a prepayment penalty. This penalty will likely be thousands of dollars, depending on your mortgage term length, mortgage amount, and interest rate.

Variable Rate MortgageFixed Rate Mortgage
Lesser of 3 Months’ Interest or, the remaining interest to be paid on your mortgage.Greater of the IRD amount, and, the lesser of 3 Months’ Interest, or, the remaining interest to be paid on your mortgage.
Interest Rate Differential (IRD) for CMLS

The IRD is used to calculate a fixed rate mortgage prepayment penalty for almost all lenders in Canada. The way it is calculated is by finding the difference between the posted rate for the time left on your term, and your current mortgage rate. This difference then is multiplied by how long is remaining on your term to get your interest rate differential prepayment penalty.

To see how much you can expect to pay in prepayment charges, utilize the Desjardins mortgage penalty calculator below:

CMLS Mortgage Prepayment Calculator

Are you looking to pay off your mortgage early? Or refinance the terms of your mortgage at a lower interest rate? Maybe you sold your home. Whatever the case, you most likely will have to pay a mortgage break penalty set by your lender. Whatever the situation, our calculator will help you determine the cost to break your mortgage so you can be confident about your mortgage decisions.


What is the remaining balance on your mortgage?

What is the term-length and type of your current mortgage?

Variable Rate
Fixed Rate

What is your current mortgage interest rate?


If applicable, what was the rate discount you received when you signed your current mortgage agreement?

The day you signed your mortgage, your lender may have provided you with a discount. You may be paying 3.25% but the posted rate on that day was 3.75%, a discount of 0.5%. If you are unaware of any discount, you can skip this step.

When did your current mortgage start?

Who is your current mortgage lender?

What is CMLS Financial's current interest rate for a 3-year fixed rate mortgage?

We have populated this field for you with our most up to date data. For information on why we need this field see Interest Rate Differential
Your estimated mortgage break penalty is...

How is my mortgage penalty calculated?

Remaining Mortgage Balance
Current Mortgage Interest Rate
3-Months Interest
Total Penalty

CMLS Mortgage Features

Home System Warranty Program

This add-on coverage will cover damages that occur to your home and that need repair, covering your AC & heating, electrical system, water heater, and plumbing. The only cost you will incur will be the $50 consultation fee, and you will be covered for up to $10,000 in repair bills. CMLS will provide you with complimentary coverage for your first 12 months, meaning you will not need to worry about costly repair bills as you get into your home.


Every calendar year, you will be able to skip one regular mortgage payment. This is only allowed if you have prepaid at least the same amount as the amount you are skipping a payment on. This can be a good option to help you get breathing room in the event of an unexpected event, such as a family emergency, job loss, or unexpected expense.

Prepayment Privileges

There are 2 ways that you can prepay your mortgage early, which includes:

  1. Increase your regular payments: At any time, you can increase your mortgage payment by up to 20% at any time. This can help you to pay off your mortgage early, saving you thousands of dollars in interest, especially if you have the money leftover in your budget.
  2. Annual 20% prepayment allowance: Every calendar year, you will be able to prepay up to 20% of your original mortgage balance without incurring a penalty. This can be prepaid at any time during the year, and you can make multiple payments.

CMLS Combination HELOC

Did you know that you can get an insured mortgage, at a low mortgage rate that's given to insured mortgages, along with a HELOC? The CMLS Combination HELOC combines an insured or insurable first mortgage with a home equity line of credit (HELOC). The mortgage can be for up to 50% of the value of the home, while the maximum loan-to-value (LTV) of both the mortgage and HELOC is 80%.

While the loan limit is combined, the Combination HELOC is made as two separate mortgage applications: one for the first mortgage, and one for the HELOC. This means that you can have an insured mortgage while still borrowing money with a HELOC. The minimum amount you can borrow with the HELOC is $10,000 at an interest rate of Prime + 0.5%. Just like other HELOCs, the minimum payment is interest-only.

Since it's an insured or insurable mortgage, it has to meet certain CMHC rules. For example, the maximum property value allowed is $1 million. You'll need a minimum credit score of 680, and the maximum amortization period is 25 years.

The CMLS Combination HELOC is only available for new purchases or transfers/switches in Ontario, British Columbia, Quebec, Alberta, and Saskatchewan.

Getting a CMLS Mortgage

You are able to get a mortgage from CMLS Financial directly through a mortgage broker. CMLS works with mortgage brokers across the country, meaning that you will have plenty of options to get a CMLS Financial mortgage. As well, with your current mortgage with CMLS, you are able to access all your information online, through the CMLS mortgage portal.

CMLS Office Locations

VancouverCoal Harbour: 1066 West Hastings Street #2110
Toronto South Core: 18 York Street
Calgary Downtown Calgary: 333 7 Avenue SW #2130
Montreal Downtown Montreal: René-Lévesque Boulevard West
Ottawa Old Ottawa East: 1101 Elgin St, Ottawa, ON
Halifax Waterfront: 2000 Barrington St #1307
London Westmount: 785 Wonderland Rd S #225
Winnipeg South Portage: 202 Garry Street
This calculator is provided for general information purposes only. WOWA does not guarantee the accuracy of the information shown and is not responsible for any consequence that arise from the use of the calculator and its results. Any financing products shown are subject to terms and conditions and may not be available in certain regions.