Canada Life Mortgage Rates & Reviews
Canada Life Background
Canada Life Assurance Company is an insurance and financial services corporation founded in 1874 and headquartered in Winnipeg, Manitoba. The company came about as a result of the amalgamation of The Great-West Assurance Company, London Life Insurance Company, and Canada Life Assurance Company. It offers insurance, investments, mortgages, and retirement services. The organization has over 10,500 employees that service over 13 million customers.
Canada Life Prime Rate
Canada Life's Prime Rate is used as the basis for many of Canada Life's lending products including variable rate mortgages, lines of credit, and HELOCs. Prime, or P, is normally combined with a spread to make up the final interest rate.
Current Canada Life Prime Rate: 2.45%
Canada Life Fixed-Rate Mortgages
| Term | Rate | Monthly Payment |
|---|---|---|
1-Year Fixed | 2.69% | $1,833 |
2-Year Fixed | 2.89% | $1,874 |
3-Year Fixed | 1.96% | $1,688 |
4-Year Fixed | 2.04% | $1,703 |
5-Year Fixed | 2.10% | $1,715 |
7-Year Fixed | 6.50% | $2,701 |
10-Year Fixed | 6.75% | $2,764 |
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.
Canada Life Variable-Rate Mortgages
| Term | Rate | Monthly Payment |
|---|---|---|
5-Year Variable | 1.45% | $1,590 |
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.