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Prospera has fixed rate, variable rate and special insured mortgages.
Personal borrowing

Explore mortgages

Choosing a mortgage is a lot easier than finding your dream home. Seriously. Let’s walk you through it. 
We know the numbers matter. No matter what mortgage you choose you can make your decision with confidence knowing we'll guide you through the process every step of the way to find you the best rate for your dream home.

Fixed rate vs. variable rate mortgages

Fixed rate mortgage

No surprises

Fixed rate mortgages are predictable with no surprises.

Whoever said predictability is boring does not appreciate the benefits of a fixed rate mortgage.


  • Choose a term from 1 year to 10 years
  • Open or closed options for 1-year terms
  • Same rate for full term
  • Low payments with up to 30-year amortization

Learn more

Variable rate mortgage

Lower rates

Variable rate mortgages offer lower but changing rates.

Take advantage of declining interest rates with a variable rate mortgage. And if rates start to rise, you can lock in any time.


  • 5-year closed term
  • Mortgage rate moves with prime rate
  • Payments stay the same even if interest rates change
  • Pay more principal when interest rates are low

Learn more


Key mortgage terms

Open mortgage rates: These are flexible mortgage rates that allow you to repay any part of your mortgage at any time without a prepayment charge, but often have higher interest rates.

Closed mortgage rates:
These are fixed-term mortgage rates with lower interest rates, but they may include prepayment penalties if you pay more than the agreed amount before the term ends.
Open term mortgage: This is a flexible mortgage that allows you to borrow more money from the lender at a later time.

Closed term mortgage: This is a fixed-term mortgage where you cannot increase the principal amount and must repay it by a certain date.
Insured mortgage: This is a mortgage that is protected by mortgage default insurance, typically required when the down payment is less than 20% of the home’s purchase price.

Uninsured mortgage: This is a mortgage that does not have mortgage default insurance, typically applicable when the down payment is more than 20% of the home’s purchase price. Since these home buyers have a larger proportion of equity in their home, they are not required to take out mortgage default insurance.
Mortgage amortization: It’s the process of paying off your home loan in regular monthly payments over a fixed period of time, where initially most of the payment goes towards interest and later, most of it reduces the principal debt.

Check out our featured mortgage rates

3-year fixed rate mortgage



5-year fixed rate mortgage



5-year variable rate mortgage



Residential Mortgage calculator

Set your house-hunting budget based on mortgage payments you can afford.


Mortgage recommendation examples

Consider the examples below as a guide to understanding your home buying needs, and remember, consulting with a local mortgage expert can provide advice specifically tailored to your unique circumstances.


  • New mortgage
  • Find a low rate
  • Space to start a family in the future
  • Sizable yard with a patio
  • Good resale value


5-year fixed rate mortgage (insured)


  • New mortgage
  • Find a low rate
  • Shorter term to see if the rates go down
  • Reduce loan with larger down payment
  • Have as a rental property for future
  • Quiet neighborhood for baby


3-year fixed rate mortgage (closed)


  • New mortgage
  • First time home buyer
  • Find a low rate
  • Review mortgage options
  • Have as a long-term investment


5-year variable rate mortgage (insured)


  • New mortgage
  • Make a profit
  • Reduce loan with larger down payment
  • Utilize a HELOC to support home investments
  • Have as a short-term investment


3-year fixed rate mortgage (closed)

Frequently asked questions

Both fixed and variable rate mortgages come with their own set of benefits.

A mortgage with a variable rate provides greater adaptability, and a decrease in rates could lead to quicker home ownership. Additionally, at any point during your term, you have the option to switch to a fixed rate mortgage with a longer term if your circumstances alter (though this may incur a charge).

On the other hand, a mortgage with a fixed rate offers protection against potential rate increases, providing you with the certainty of knowing the exact amount you’ll be paying off your mortgage over the term.
The most effective method to determine your home buying capacity is to seek pre-approval. Once pre-approved, your rate can be secured for a select number of dates, enabling you to house hunt with assurance.

If you’re not prepared to seek pre-approval yet, our Mortgage Calculator is always available to provide an approximation of what payments could look like.

To learn more, book an appointment with one of our local mortgage experts.
A mortgage pre-approval signifies that a lending institution (such as ours) has examined your income and credit background and determined your eligibility for a mortgage.

If you’re prepared to proceed with pre-approval, you can initiate your application now. We’ll provide a precise borrowing amount, enabling you to confidently search for a home. Please note that pre-approval is contingent upon no significant alterations to the information you initially provided us.

Get pre-approved now
Insurance for mortgage default is a legal necessity if your down payment is less than 20%. While it may raise your monthly payments by up to 4%, it does aid in making home ownership more attainable.

Keep in mind that mortgage default insurance is intended to safeguard lenders, not the borrower. If you wish to secure coverage for yourself in the event of a severe injury or death, you would require mortgage protection insurance.

Contact one of our local mortgage experts to discuss any insurance questions or needs.
Boost your mortgage payments: Subject to the type of your mortgage, you may have the option to raise your mortgage payment. Refer to your mortgage contract or talk to one of your mortgage experts to see if you're eligible. 

Contribute a one-time payment: Each year, you have the opportunity to contribute one-time prepayments without incurring a prepayment fee. Refer to your mortgage contract or talk to one of your mortgage experts to see if you're eligible. 

No matter which mortgage you choose, you always get:

  • A 3-month rate guarantee: That means even if something changes in the market and rates rise before your mortgage is processed, your rate is honoured
  • Flexible payment schedules: Monthly? Bi-weekly? Weekly? We’ve got options to ensure your payment frequency fits your budget and goals
  • Portability**: Moving? Easily transfer your mortgage to a new property when you move
  • Options to sell**: You can sell your low interest rate mortgage with the sale of your house as an added incentive for potential buyers

Talk to a mortgage expert about your optionsGet pre-approved online


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1 888 884 4430

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