Hamilton Mortgage Rates.

As of May 5th, 2021
Hamilton-city-image
City of Hamilton
I am looking to get rates for:
Term Length
Type
Home Price
Downpayment
%
Mortgage Amount
Amortization
Years
LenderRateMonthly Payment
nuborrow
nuborrow
Get This Rate
1.69%
$1,840
Alterna Savings
Alterna Savings
1.84%
$1,872
motusbank
motusbank
1.89%
$1,883
ATB
ATB
1.99%
$1,905
Laurentian
Laurentian
Get This Rate
1.99%
$1,905
Canada Life
Canada Life
2.02%
$1,912
Equitable
Equitable
Get This Rate
2.04%
$1,916
DUCA
DUCA
Get This Rate
2.04%
$1,916
First National
First National
Get This Rate
2.09%
$1,927
Peoples Bank
Peoples Bank
Get This Rate
2.09%
$1,927
Tangerine
Tangerine
2.14%
$1,938

Notes

  • These rates are for Prime customers. To qualify, you generally need a good credit score and a steady job.
  • The following rates may not be valid for uninsured mortgages.

Hamilton at a Glance

The City of Hamilton is located west of Lake Ontario in the Regional Municipality of Hamilton-Wentworth and is home to over 536K residents. Hamilton real estate prices have increased by 20% from November 2019 to November 2020 and the average price of a house in Hamilton is $676K. Single-family detached houses are by far the most commonly sold property type on the Hamilton real estate market, accounting for approximately 75% of the sales volume, followed by sales of townhouses and condominiums. Real estate inventory in Hamilton has decreased by 37% from December 2019 to December 2020, due to sales of homes outpacing new listings. From the long-term perspective, Hamilton real estate prices have increased significantly over time, with single-family detached house prices increasing 108% over a 10 year period, from October 2010 to October 2020. Hamilton property tax rates are the 34th lowest property tax rates in Ontario for municipalities with a population greater than 10K.

Hamilton at a Glance
ProvinceOntario
Settled Year1778
Established Year1816
Incorporated Year 1846
Population 536,917
City Area1,138.11 km 2 (439.43 sq mi)
Official WebsiteHamilton Official Website

Mortgage Prepayment Limit

Bank or LenderAnnual Prepayment LimitFrequency (per year)
RBC
RBC
10%Once
TD
TD
15%Once
Scotiabank
Scotiabank
Varies, up to 20%Once
CIBC
CIBC
Varies, up to 20%Once
BMO
BMO
20% (10% for BMO Smart Fixed Mortgages)Once
HSBC
HSBC
20%Once
Equitable Bank
Equitable Bank
15% - 20%Once
Peoples Bank
Peoples Bank
20%Once
First National
First National
15%Once
motusbank
motusbank
20%Once
Tangerine
Tangerine
25%Multiple
Simplii
Simplii
Varies, up to 20%Multiple
MCAP
MCAP
Varies, up to 20%Multiple
Laurentian
Laurentian
15%Once
National Bank
National Bank
10%Multiple
Desjardins
Desjardins
15%Multiple
CMLS
CMLS
20%Multiple
DUCA
DUCA
20%Once
Manulife
Manulife
20%Multiple
Coast Capital
Coast Capital
20% (or 30% for “You’re the Boss” Mortgage)Once (or multiple for “You’re the Boss” Mortgage)
Alterna Savings
Alterna Savings
20%Once

Mortgage Prepayment Penalties

Fixed Rate Mortgage Penalty Interest Rate

For fixed-rate mortgages, lenders usually use the greater of three months of interest or an interest rate differential (IRD). Each lender has their own IRD calculation. The interest rate that they use for their IRD is usually based on either their current advertised mortgage rates or their posted rates, which can often be much higher.

Advertised Rate IRDPosted Rate IRD
RBC
RBC
TD
TD
Scotiabank
Scotiabank
CIBC
CIBC
BMO
BMO
HSBC
HSBC
Peoples Bank
Peoples Bank
motusbank
motusbank
Simplii Financial
Simplii
Laurentian
Laurentian
Desjardins
Desjardins
CMLS
CMLS
Coast Capital
Coast Capital
Equitable
Equitable Bank*
Tangerine
Tangerine
Manulife
Manulife
Alterna Savings
Alterna Savings
First National
First National
MCAP
MCAP
DUCA
DUCA
* Equitable Bank’s IRD depends on your mortgage product

Variable Rate Mortgage Penalty Interest Rate

Most lenders determine the mortgage break penalty for a variable rate mortgage by calculating three months of interest. The interest rate that they use can depend from lender to lender, but is usually either your current mortgage interest rate or the lender's prime rate.

Based On Your Mortgage RateBased On the Lender's Prime Rate
RBC
RBC
TD
TD
Scotiabank
Scotiabank
BMO
BMO
HSBC
HSBC
Equitable
Equitable Bank
First National
First National
motusbank
motusbank
Tangerine
Tangerine
MCAP
MCAP
National
National Bank
Desjardins
Desjardins
CMLS
CMLS
DUCA
DUCA
Manulife
Manulife
Coast Capital
Coast Capital
Alterna Savings
Alterna Savings
Laurentian
Laurentian*
CIBC
CIBC
Peoples Bank
Peoples Bank
Simplii Financial
Simplii
Laurentian
Laurentian
* Laurentian’s 3 Months’ Interest is based on the greater of your mortgage rate or the current prime rate.
Calculate your mortgage break or prepayment penalty

While we try our best to get you the best rates, we cannot guarantee that they are always accurate. WOWA assumes no liability for the accuracy of the information presented, and will not be held responsible for any damages resulting from its use.