Find the Best Mortgage Rates in Newfoundland and Labrador

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Your Guide to Getting the Best Mortgage Rates in Newfoundland and Labrador

At, searching for the best mortgage rates in Newfoundland and Labrador is easy. Our team of leading industry professionals offers unique insight into finding a solution tailored to your needs – no matter the market conditions. We ensure you receive the most competitive interest rate upfront so that you can have peace of mind knowing you have found the best mortgage deal available. allows you to save time and money searching for the perfect mortgage rate – let us simplify your process today!

About Newfoundland and Labrador

Newfoundland and Labrador is the most easterly province in Canada located on the Atlantic coast. The capital city is St. John’s and its population is estimated at 519,716 according to 2016 numbers. Because of its location and access to various seafood, fishing has been an important industry throughout Newfoundland and Labrador’s history. Together with forestry, manufacturing and mining are also significant contributors to the economy today. From landscape-painted cliffs and bays to quaint coastal towns, there is plenty for visitors to explore here in Newfoundland and Labrador. With rich cultural heritage that dates back centuries providing stories and attractions such as lighthouses, whaling stations, historical sites or icebergs, you can explore your interests!

Key facts about Newfoundland and Labrador:

  • St John appears on maps as early as 1513, making it the oldest city in North America 
  • Newfoundland ranks as the 15th largest island in the world 
  • The island of Newfoundland is devoid of snakes, deer, skunks, groundhogs, or porcupines 
  • Despite Moose not being native to Newfoundland, there are now 115,000 of these creatures on the island following their introduction in 1904
  • George Street in St John’s has more pubs per square foot compared to any other location in Canada 
  • Two dog breeds get their names from the province: the most popular dog breed in the world, the Labrador, and the giant, web-footed, and gentle Newfoundland breed
  • Gander, the Newfoundland, was the busiest airport in the world as of the 1950s. This is because before the jetliner’s invention, Gander served as a launch point and refueling station for nearly all transatlantic flights 
  • Newfoundland is home to one of the most diverse whale populations worldwide, with over 22 species present in waters around the province

Compare Newfoundland and Labrador Mortgage Rates

Below is a table displaying the best rates from the five largest banks in the country. You can easily compare the rates offered by major Canadian lenders and  banks including TD Bank, RBC, CIBC, HSBC, and Scotiabank. We take care of the research to guarantee you the lowest possible rates upfront every time.

Compare Big Bank Rates in Newfoundland and Labrador

It can be time-consuming and frustrating to compare rates by yourself. With us, you can find everything you need in one convenient location. Also, ensure that you consider the mortgage product term length and type when comparing rates. For instance, if you are in the market for a fixed-rate mortgage, it is essential to examine the a range of terms given by various banks, such as three-year and five-year offerings, and not just the interest rate.

First-Time Home Buyer Programs in Newfoundland and Labrador

Newfoundland and Labrador have a range of first-time homebuyer programs and incentives specifically structured to help reduce the financial demands on first-time home buyers. These programs effectively eliminate some home-buying costs and fund your down payment, one of the major requirements for buying your first home.  

What are the Different Types of Mortgages?

Open vs Closed Mortgage

An open mortgage allows for prepaying any amount of your mortgage at any given time without a prepayment penalty. The trade-off for this flexibility that an open mortgage provides is the higher interest rate on your mortgage.

Conversely, a closed mortgage has a lower and more attractive interest rate because the flexibility allowed in an open mortgage is missing here. Instead, there is a cap on the extra mortgage payment that you can make per year. This implies that you can only pay a specific percentage of your current or original balance annually – usually an average of 15%; however, there may be variations depending on the lender. If you are allowed to choose, ensure that you go for the option of original balance prepayment because it allows you to make more payments annually. Given that you would receive a prepayment penalty if you exceed your annual payment limit, it is essential to note these limits and remain within them.

Fixed Mortgages

With a fixed-rate mortgage, your interest rate stays unchanged through the entire term of your mortgage (1 to 10 years). The most common choice Canadian homeowners make is the five-year fixed-rate mortgage. Fixed-rate mortgages can be a good idea for conservative homebuyers working with a tight monthly budget or having their eyes set on a stable payment schedule. 

Variable interest rate mortgages

A variable interest rate sees fluctuations through the term, increases, or decreases.  

There are two versions of variable interest rate mortgages:

  1. Variable rates with adjustable payments 
  2. Variable rates with fixed payments

Fixed payments with a variable interest rate

For this option, despite variations in interest rate, the payment on your mortgage remains the same over time. 

If there is a reduction in interest rate, more payment goes towards paying off the principal. This implies that your mortgage is being paid off faster.

If there is an increase in interest rate, the principal sees less payment going in its direction, while a more significant portion goes towards interest payment.

Finally, if market interest rates rise to a specific percentage or trigger point, your lender may increase your payments. This increment ensures that you can still repay your mortgage at the end of the amortization period. Your mortgage contract would have the specific trigger point highlighted.

Adjustable payments with a variable interest rate

True to their name, adjustable payments have payment amounts changing as interest rate changes. A fixed portion of the payment goes to the principal. As interest rates see changes, the portion going to interest sees a similar change. This way, you can tell the portion of the principal you would have paid when the term of your mortgage ends.

Land transfer tax in Newfoundland and Labrador

Land transfer tax rates in Newfoundland are calculated based on the property’s purchase price and the mortgage amount. 

What Affects My Mortgage Rate in Newfoundland?

When qualifying for low-interest rates in Newfoundland, your income and credit score can play a significant role. The higher the risk involved in borrowing, the higher the interest rate could be. 

Down Payment

How much you make as a down payment determines whether you would also have to pay mortgage default insurance alongside your recurring mortgage payments on your Newfoundland mortgage. If you make a down payment of less than 20% of the property’s value, you must pay mortgage default insurance.

Amortization Period

If you select a longer amortization period, your individual mortgage payment will be lower because it’s spread out over a longer period of time. Longer amortizations typically come equipped with higher interest rates. You’ll also pay more interest the longer you take to pay off your mortgage.

Property Usage

Purchasing a home, you intend to make your primary residence and live in is considered owner-occupied. If you were purchasing a property you intend to rent to another, or more appropriately, an investment property, you would be saddled with higher interest rates in Newfoundland relative to that of your primary residence. This is because lenders rationalize that people would prioritize paying the Newfoundland mortgage on their primary residence over a rental property. As a result, lenders tack on some additional risk for rental property rates.

Mortgage Type

Your choice of open vs. closed or variable vs. fixed rates would also impact your mortgage rate. The choice of either option is personal and usually dependent on several factors.

For instance, for open vs. closed mortgages, open mortgages feature higher mortgage rates in Newfoundland due to the flexibility that borrowers enjoy since they can choose to pay off their mortgage anytime without penalty. Similarly, thanks to the certainty that fixed mortgages offer, your payments are fixed, and some people may opt for this even though variable mortgages like the 5-year variable rate are a better option in terms of cost-effectiveness.

Your Credit Score

Borrowers with credit scores of 680 and above are regarded as the ideal candidate for a traditional mortgage lender. The higher above 700 the score is – with a maximum score of 900, the better the chances of getting the best rates, such as the best mortgage rates.

Learn About Rates & Mortgages in Newfoundland and Labrador 

In this section, we answer the most asked questions that our advisers receive daily from all over Newfoundland and Labrador. 

What are today’s mortgage rates in Newfoundland and Labrador?

The specific lender or bank offering each product determines their mortgage rates Newfoundland, and as a result, there would be some variation. Our state-of-the-art technology allows us to have a good overview of the market at any point in time and, thus, allows you to have the most current mortgage rates information at your disposal. 

Why compare Newfoundland and Labrador mortgage rates on

Comparing Newfoundland and Labrador mortgage rates on allows you to get the latest information that would ensure you save significantly throughout your homeownership journey. 

Should I get an open or closed mortgage in Newfoundland and Labrador?

Getting an open or closed mortgage in Newfoundland and Labrador is a decision that your financial state and your life would generally determine. 

When examining open vs. closed mortgages, you should note that open mortgages have higher rates due to their flexibility. You can choose to pay off the mortgage at any point in time without dealing with a penalty.  

Should I find a mortgage with a rate hold in Newfoundland and Labrador?

Suppose you have plans to buy a Newfoundland and Labrador property at some point. In that case, it could be an excellent call to have help you secure a rate hold so that you have no worries about interest rates in Newfoundland potentially rising while you are still shopping for a house. 

Having a rate hold is like insuring your mortgage rates — for the next 90-120 days, you no longer have to bother about mortgage rates newfoundland increasing while you are home shopping. 

How Works

Here at we have one mission: make comparing and finding your low mortgage rate easy as can be. We do this by providing access to 20+ top banks, lenders, and brokers in Canada and pulling in the best rates in one shot for you. 

We also know that finding a low rate is just the start of your journey, so once we find that for you, we make the mortgage process seamless by putting you in contact with the best broker or lender to lower your monthly mortgage payment. . 

All that plus we give you the tools needed to negotiate the best rates you deserve to save big on your biggest financial purchase in life – your mortgage.