Simplii Mortgage Rates Review 2024 ($4000 cashback)

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Written by SnappyRates Team

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Simplii Financial mortgage rates are competitive when compared to other banks in Canada.

You can easily apply for its fixed or variable-rate mortgage online from the comfort of your home.

This Simplii mortgage review covers its current rates, benefits, downsides, and how to get up to a $4,000 bonus.

Simplli Financial Mortgage Rates

Simplii Financial offers both fixed-rate and variable-rate mortgages when you apply for a mortgage and qualify for its special rates, you can save thousands of dollars in interest fees over the mortgage term.

Simplii Fixed-Rate Mortgage

A fixed mortgage has the same interest rate for the entire term of the loan.

Monthly payments stay the same, and you can lock in a term ranging from 2 to 10 years.

The current “special rates” for Simplii fixed-rate mortgages are:

  • 2-year: 7.04%
  • 3-year: 6.54%
  • 4-year: 6.39%
  • 5-year: 6.29%

For a high-ratio mortgage, i.e. one where your downpayment is less than 20% of the home’s value, Simplii’s 5-year fixed rate is 6.24%.

Simplii Mortgage Rates Review $3,100 Cashback

Simplii Variable-Rate Mortgage

Variable-rate mortgages fluctuate with the prime interest rate.

While your monthly payments remain the same, the portion that goes towards your principal will fluctuate with the interest rate.

Simplii Financial’s variable mortgage rate is 7.05% for a 5-year term.

Other Simplii mortgage products include:

  • Convertible mortgages

Simplii Mortgage Rates Promotion (Up to $4,000 Bonus)

For a limited time, you can get up to $4,000+ in cash back when you qualify for a new Simplii mortgage loan.

This is how it works:

1. Visit Simplii here to open a free chequing account if you don’t already have one.

2. Call Simplii Mortgages at 1-888-866-0866 to speak with a mortgage specialist or broker and give them this unique code (0008149464) to earn $100.

3. Depending on your mortgage loan, you earn up to $4,000 on a 5-year fixed or variable mortgage as follows:

Mortgage AmountSimplii Cashback
$1,000,000 or more$4,000
$750,000 – $999,999$3,000
$500,000 – $749,999$1,200
$300,000 – $499,999$1,000
$100,000 – $299,999$750

In addition, you get an extra cash if you set up a payroll direct deposit (or pension) into your new Simplii chequing account ($400) and apply for a no-fee Simplii Cash Back Visa.

Simplii Mortgage Review & Benefits

Competitive rates: With Simplii, you get some of the best mortgage rates in Canada.

Mortgage Calculators: Use Simplii’s mortgage calculators to estimate your mortgage payments based on loan terms, downpayment amounts, interest rates, and more. It also offers an affordability calculator.

Prepayment privileges: You can pay an extra 20% in lump sum payments each year or increase your periodic payments by up to 25% without penalty.

Reputable: Simplii Financial is owned by CIBC, one of Canada’s largest banks.

How To Apply For a Simplii Mortgage

To apply for a mortgage loan with Simplii Financial, call 1-888-866-0866 to speak with a mortgage specialist.

Provide them with our unique code “0008149464” to get a $100 bonus.

After completing the process, you could also earn up to $4,400, as shown above.


Bonuses & Deals for May

Get your legal Will completed online in minutes. 20% off with SAVVY20 code.

Find the best mortgage rates in Canada within minutes!

Unlimited transactions with free chequing account and $400 welcome bonus!

No current offers for this category.

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SnappyRates Team

The SnappyRates Team comprises personal finance writers who have reviewed and personally tested hundreds of financial products in the Canadian space. With over 20 years of combined experience to draw from and expertise in all things credit cards, banking, insurance, and mortgages, our goal is to provide you with the most comprehensive guides and resources to help you on your financial journey.

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