Compare the best current mortgage rates in Yukon for free.

The amortization period on your mortgage is the total number of years you expect it will take to pay off the entire loan. Most new mortgages come with amortizations of 25 years, although periods can range from one year to 30 years.

A mortgage term represents the length of time your lender will provide a given interest rate. When the term ends, you need to renegotiate your mortgage. You can do this with your current lender or you can try a new financial institution. Most lenders offer terms ranging from six months to 10 years. The most sought-after mortgage rates on our site are for 5-year fixed mortgages. 

The difference between open and closed mortgages is simple whether you are in Yukon or anywhere else in Canada: With an open mortgage, you can pay off, refinance or renegotiate your mortgage agreement before its term ends without paying a penalty. If you have a closed mortgage, you must wait until the end of your term to renegotiate or freely make payments against the principal.

The rates on closed mortgages in the Yukon are generally lower than the rates on open mortgages in the Yukon. You’ll also usually have the ability to make limited annual payments against your mortgage principal without penalty. They are generally between 10% and 20% of the principle. People who expect to be able to make larger payments — say from bonuses at work or inheritances — may prefer open mortgages. The interest rate may be higher, but the ability to make large payments against the principal can pay off in the bigger picture.

Yukon is a beautiful territory of mountain wilderness and wild rivers. Even with its long winters, it’s no wonder people who love the outdoor lifestyle choose to move here. But the lifestyle can be expensive. The Yukon is a remote region and the typical cost of living can run high compared to other parts of Canada. For example, the average rent for a two-bedroom apartment in the City of Whitehorse — where 70% of the population lives —stood at $1,210 a month at the end of 2019.13 Electricity costs 14.5 cents per kilowatt-hour, assuming your household uses 1,000-kilowatt hours per month.14You can also expect to pay in the neighbourhood of $1.30 per litre for gasoline. The upside is that incomes in Yukon reflect the cost of living. In 2018, the median family income was $111,030. 

Getting a low interest rate on your mortgage will save you money in both the short and long term.

There are also other facets of a mortgage you need to pay attention to. For example, most mortgages allow you to make lump-sum payments on your mortgage principal without penalty. An open mortgage lets you pay off the entire amount whenever you like. Closed mortgages only allow limited pre-payments but generally come with lower interest rates. So, consider your cash flow over the long term when choosing a mortgage. If you expect a windfall down the road, you may be better off paying a bit more in monthly interest on an open mortgage for the ability to make a large lump sum payment.

You should also consider whether you want a “portable” mortgage when you buy your home. Portability allows you to transfer the balance of your mortgage, its term and interest rate to the purchase of a new home if you decide to move before your mortgage term ends. This means you avoid penalties for breaking a mortgage early, which can be very costly.

But remember, not all mortgages are portable, especially variable rate mortgages. If you think you might want to sell your home before the end of your mortgage term—maybe you have a growing family—think twice before signing up for that low-interest variable rate plan.

LowestRates.ca can compare rates from 50+ banks and brokers to bring you competitive house mortgage rates for your Yukon home. We’re also always adding new partners to our digital marketplace. We work with our partners to obtain their best deals and offers and then we let them compete for your business. After answering a few questions, you’ll be provided with today’s mortgage rates. There’s no obligation for you, the consumer. If you want, you can choose to speak with our broker partners to lock in your best rate. Our partners can also work with you to see if you qualify for even more savings.

Yes, it’s safe to get a mortgage on LowestRates.ca — and Canadians are increasingly turning to sites like ours to do just that. Reputable Canadian financial institutions now offer the ability to start the mortgage process online. When using LowestRates.ca, you can be assured that your credit score won’t be affected and your information is secure. The only time we share your information is when you indicate that you want to speak with one of our broker partners, and even then, we only share your information with that entity. We take care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders in the country.

We have a strong selection of lenders on LowestRates.ca including the big banks and many independent providers and we’re adding more lenders all the time. This ensures we’re always delivering you a competitive rate. Even if you’re not ready to commit to anything, you can use our site as a starting point for research. LowestRates.ca is totally free for you and you’re under no obligation to speak with a broker or secure a mortgage.

The better informed you are, the more likely you'll negotiate a better deal for yourself.