Simplii Financial is one of the best online banks in Canada that stands out from the competition with its high promotional interest on savings.
However, the bank also outshines some of the competition with its competitive mortgage rates, no-fee chequing account, no-fee Visa card, low-cost borrowing and investment products.
While you can’t go wrong with Simplii Financial mortgages, it’s essential to know the applicable rates and how they compare with other mortgages out there.
Here I discuss everything you need to know about the Simplii mortgage rates including how they compare with some of the big banks’ mortgage rates in Canada.
Simplii Mortgage Rates For June 2023
The Simplii mortgage rates cut across fixed-rate and variable-rate mortgages as highlighted below:
Notably, Simplii only offers a 5-year variable mortgage. The 5-year variable mortgage rate is determined by the Simplii prime (based on the prime rate of its parent company, CIBC).
As of January 26, 2023, the current prime of Simplii is 6.70%. It’s worth noting that the variable rate changes in line with changes to the prime rate changes.
Besides the above rates, Simplii also has special mortgage rates and high-ratio mortgage rates on fixed and variable mortgages as shown below.
Simplii Special Mortgage Rates
The Simplii special mortgage rates are discounted rates that apply to new owner-occupied mortgages with a 25-year or less amortization period. The following are the current special mortgage rates.
|Mortgage Term||Special Rate|
|2-year fixed mortgage||5.89%|
|3-year fixed mortgage||5.74%|
|4-year fixed mortgage||5.59%|
|5-year fixed mortgage||5.49%|
|5-year variable mortgage||6.55%|
Simplii High-Ratio Mortgage Rates
The Simplii high-ratio rates apply to new owner-occupied fixed or variable high-ratio 5-year mortgages worth $35,000 or more with a 25-year amortization period or less. In addition, mortgages with less than 20% down payment also qualify as a high-ratio ratio.
The following are the Simplii discounted high-ratio rates on fixed and variable mortgages:
|Mortgage Term||High-Ratio Rates|
|5-year fixed mortgage||5.54%|
|5-year variable mortgage||6.55%|
Simplii Convertible Mortgage Rates
The following are the applicable rates for converting short-term mortgages to long-term fixed mortgages on Simplii Financial:
About Simplii Financial Mortgage
Simplii Financial offers fixed and variable mortgage terms with competitive fixed and variable rates.
With a $35,000 minimum principal amount, you can access Simplii’s 2-10-year fixed mortgage or 5-year variable mortgage.
Whether you’re looking to buy a new mortgage, make a mortgage transfer or renew your mortgage, Simplii gives you the opportunity to do so in one dashboard.
In addition, you can refinance your mortgage through Simplii and access up to 80% of the appraised value of your home.
Learn more: Simplii Financial Review
Simplii Mortgage Prepayment Options
On top of the competitive mortgage rates, Simplii also has flexible prepayment options ranging as highlighted below:
- Up to 20% payment of the mortgage original amount annually without charges
- Up to 25% increase in regular payment without charges
- Accelerated weekly and accelerated biweekly payment
With this flexible prepayment option, you can easily pay off your mortgage fast at relatively low costs.
Simplii Mortgage Calculators
Simplii Financial offers various types of mortgage calculators to simplify your home-buying journey.
Whether you’re looking to buy a home, renew your mortgage or refinance a new mortgage, Simplii has a mortgage calculator for you.
If you’re looking to buy a home, renew or refinance, the Simplii mortgage calculator will determine your mortgage payment by calculating your:
- Home price
- Down payment
- Length of repayment
- Payment frequency
- Mortgage term and rate
The mortgage calculator not only saves you time but also saves you from potential errors in calculating the monthly payment yourself.
Is Simplii Mortgage Good?
The short answer is yes! Compared to what we have out there, it’s safe to say that Simplii mortgage is good based on the following factors:
- Competitive rates: The Simplii fixed and variable mortgage rates are currently among the best in Canada.
- Discounted rates: Simplii’s discounted special and high-ratio rates help you lower the overall costs of your mortgage and pay it off on time.
- Flexible prepayment options: By allowing you to make up to 20% payment of your mortgage original amount and up to 25% increase in your regular payment without, Simplii helps you reduce interest payment.
- Customized solutions: Simplii has mortgage specialists to help you identify the perfect mortgage for your situation thereby avoiding costly mistakes.
- Multiple mortgage calculators: With a mortgage affordability calculator, mortgage payment calculator and mortgage prepayment charge calculator, Simplii helps you save time and cost on your mortgage journey.
- Special mortgage programs: Simplii also offers tailored mortgage programs to different professions and individuals ranging from Medical Professional Program, Resort Lending Program, Rural Lifestyle Program, and New Canadian Program to Work Permit Program.
- Competitive referral bonus: Simplii has one of the most competitive referral bonuses in Canada. You will earn a $500 bonus when you share your mortgage referral code with your friends and family. However, your referrals must sign-up on Simplii mortgage or other eligible accounts with your code to earn the bonus.
Check out the best mortgage cash back bouses and offers
How to Apply for a Simplii Financial Mortgage
Before you can apply for a Simplii Financial mortgage, you must live in any Canadian province other than Québec and reach the age of majority in your province or territory.
While Simplii doesn’t disclose the required credit score for its mortgage, you must meet the credit score eligibility to get approved.
That said, you can apply for a Simplii mortgage or pre-approval online or by phone at 1-888-236-6362.
The application process involves providing your personal information, employment information, and information about your debt and assets.
Once you provide all the required information you will be contacted within 1 business day by a Simplii representative. In addition, a third-party agent may also contact you to complete the application.
Simplii Mortgage Rates vs Tangerine vs Scotiabank vs RBC Mortgage Rates
The following is a highlight of how the Simplii mortgage rates compare with Tangerine, Scotiabank and RBC mortgage rates.
|Mortgage Term||Simplii Mortgage Rates||Tangerine Mortgage Rates||Scotiabank Mortgage Rates||RBC Mortgage Rates|
|5-year variable rate||6.70%||6.65%||7.15%||6.70%|
As shown in the table above, Simplii has competitive fixed mortgage rates as it outshines Scotiabank and RBC.
Learn more about Tangerine mortgage rates
Verdict on Simplii Mortgage Rates
The Simplii mortgage rates compete well with even some of the big banks in Canada.
Beyond the competitive mortgage rates, Simplii also distinguished itself in terms of discounted mortgage rates, flexible prepayment options, and special mortgage programs.
The bottom line is that you can’t go wrong with the Simplii mortgage especially if you choose the 2-year fixed mortgage or 5-year variable mortgage.
But since Simplii offers mortgage pre-approval, I suggest you start from there in order to make an informed comparison with other mortgage providers.
Also, you can check Nesto to see how Simplii Mortgage rates compare to other banks’ mortgage rates.
Learn more about other Simplii Financial products through the links below:
- Read our Simplii Financial Cash Back Visa Card Review
- Check our Simplii Financial HISA Review
- Read our Simplii Financial No-Fee Chequing Review
Simplii Mortgage Rates
Simplii Financial mortgages have some of the best rates in Canada.