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Published November 13, 2023

True North Mortgage Rates

Find the right True North mortgage by comparing mortgage rates on the company’s fixed and variable loan products.

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Current posted True North mortgage rates

6-month fixed (closed)3.99%N/A
1-year fixed (closed)4.99%4.99%
2-year fixed (closed)6.19%6.39%
3-year fixed (closed)5.74%5.74%
4-year fixed (closed)5.54%5.39%
5-year fixed (closed)5.19%5.19%
5-year variable (closed)5.99%6.05%
7-year fixed (closed)N/A6.09%
10-year fixed (closed)N/A6.34%
HELOC variable (open):7.70%7.20%

This table is updated daily on weekdays using data available on the True North’s website.

True North Mortgage fixed mortgage rates

True North Mortgage advertises around seven fixed-rate mortgages — the exact number varies by province. Terms range from one year to ten years.

True North Mortgage variable mortgage rates

There’s one variable rate listed on True North Mortgage’s website — a five-year term. It’s based on the prime rate. Judging by the range of advertised rates, you can expect variable rates between 0.90 and 0.05 percentage points lower than the prime rate.

True North Mortgage home equity line of credit

You can tap into your home’s equity to get a True North home equity line of credit. Like a mortgage, a HELOC uses your home as collateral. Unlike a mortgage, a HELOC is a revolving line of credit — similar to a credit card. That means instead of receiving a predetermined sum upfront, you can borrow an amount up to your borrowing limit at any time.

True North Mortgage specialty mortgages

True North Mortgage has options that fit mortgage needs that are more specific than the mortgage types listed above, including:

True North’s rates for these types of loans typically aren’t advertised online. 

Does True North Mortgage have the best mortgage rates?

NerdWallet’s mortgage rate tables include rates from some of Canada’s biggest banks and alternative lenders. Browse them to find out how True North Mortgage’s rates compare to the competition.

True North Mortgage at a glance

True Mortgage Mortgage is a Calgary-based mortgage brokerage, which means it works with lenders throughout Canada to find mortgages for its customers. Its brokers don’t work on commission, which stands out in an industry where working for lender-paid commission is typical. True North Mortgage says fully salaried brokers are incentivized to get you the best available product. 

» MORE: Read our full review of True North Mortgage

In addition to giving you access to mortgages at other lenders, True North Mortgage has its own in-house option, called THINK Financial. 

You can apply for a True North mortgage completely online, or you can visit one of 12 branch locations,  which are located in major metro areas. True North Mortgage doesn’t have the same footprint of a Big 6 bank, but with locations within driving distance of many Canadians, it’s a good option for those who prefer an in-person experience.

True North Mortgage: Things to consider

It’s a brokerage, not a bank. This means True North Mortgage provides access to mortgage options from many different lenders to help find one that’s right for you — including mortgages offered by True North Mortgage’s lending arm, THINK Financial.

It can assist with unconventional mortgages. From renovation loans to international purchases, True North Mortgage can assist with mortgage types you won’t find everywhere. 

Helpful blend of in-person and online options are helpful. True North Mortgage has brick-and-mortar stores located near many major population centers and its online application is available anywhere. That gives customers more options compared to online-only lenders or brokers.

Commission-free pay structure. Because brokers at True North Mortgage are fully salaried, they don’t run into possible conflicts of interest the same way someone working for a commission might, according to the company. While there’s no way to prove this impact of a commission-free pay structure, True North Mortgage may be worth considering if you’re worried about brokers steering you toward a particular lender, just because of the commission.

Other lenders’ rates

To get a fuller picture of current mortgage rates, you can also explore all rates NerdWallet covers:

Finding the best mortgage rates usually involves comparing rates from multiple lenders. 

How to get the best mortgage rate at True North Mortgage

To get the lowest mortgage rate at True North Mortgage, you can:

Getting pre-approved for a True North mortgage

Getting pre-approved for a mortgage is an important step in the home buying process. It’s a more in-depth process than a pre-qualification, and it results in more actionable information. A pre-approval tells you how much a lender is willing to loan you, and at what interest rate. This establishes your homebuying budget and lets homeowners know that any offer up to the full pre-approval amount is legit. True North Mortgage says it takes about 10 minutes to complete their pre-approval form.

Expect to provide True North Mortgage with documentation, including:

The mortgage pre-approval process will also include a hard credit inquiry, which permits access to your credit score and credit history. Hard inquiries may lead to a temporary dip in your credit score.

Frequently asked questions about True North mortgage rates

What else should you know about pre-approvals at True North Mortgage?

When discussing your mortgage options with a broker, make sure you understand the fees, terms and conditions involved with each mortgage offer. This includes prepayment privileges (and prepayment penalties). Having clarity around these factors during pre-approval can make the next step — officially applying for a mortgage once you’ve made a successful bid on a home — go smoothly. 

A mortgage pre-approval is free and non-binding. Just because you get pre-approved with True North Mortgage doesn’t mean you can’t get your mortgage elsewhere.

About the Author

Kurt Woock

Kurt Woock started writing for NerdWallet in 2021. Prior to joining NerdWallet, Kurt was a writer and educator for Colorado PERA, a retirement system for public employees. Before that he…

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