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Best Mortgage Rates Ontario

The interest rates on a mortgage can vary considerably from day to day. CompareMyRates helps you compare the best mortgage rates in Ontario in one easy to use location. A right mortgage and interest rate can help you save thousands of dollars over the term of your mortgage. You can also find listings of the best local mortgage brokers with contact information on CompareMyRates. Our mortgage payment calculators or the mortgage insurance calculators Ontario can also help you make estimates for your mortgage.

Mortgage rates continue to remain extremely low, however, recent measures by the Government of Canada to control consumer debt cut the maximum amortization on a Canadian mortgage from 30 to 25 years, making it vital for home buyers to shop around for the best mortgage rates in Canada. A small reduction in your mortgage rate can translate into thousands of dollars in savings over the life of your home loan, so it's important to shop around. CompareMyRates.ca has a quote system that connects you to the best local mortgage brokers in Canada.

  • 2.09%
    5 Year
    Variable Closed
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  • 2.10%
    5 Year
    Variable Closed
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  • 2.15%
    5 Year
    Variable Closed
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  • 2.24%
    3 Year
    Variable Closed
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  • 2.39%
    2 Year
    Fixed Closed
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  • 2.47%
    3 Year
    Fixed Closed
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  • 2.49%
    2 Year
    Fixed Closed
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  • 2.49%
    3 Year
    Fixed Closed
    Compare Selections
  • 2.59%
    5 Year
    Fixed Closed
    Compare Selections
  • 2.64%
    1 Year
    Fixed Closed
    Compare Selections
1 2 3 9

Why should you Compare Mortgage Rates in Ontario? Looking for the best mortgage rates Ontario? CompareMyRates.ca provides the most up to date, current rates, simply choose your Province, select applicable choices and compare the best rates in the industry. CompareMyRates.ca helps you connect with a mortgage broker who can identify the best deal for your home purchase or mortgage refinancing. Compare mortgage rates in Ontario and get a detailed, accurate comparison of the best mortgage rates available Ontario.

Ontario Mortgage Brokers Since banks and other lenders provide various mortgage offers, it may be difficult to select the best one considering the numerous factors needing to be analyzed to make a solid decision. An experienced mortgage broker can evaluate your financial abilities, estimate how much you need to borrow and your preferred mortgage payments schedule before identifying and obtaining the best mortgage loan with a low interest rate for your first home purchase or mortgage refinancing. A knowledgeable broker Ontario can also calculate the amount of mortgage insurance premiums if your down payment is less than 20 percent of your home value.

Fixed Mortgage Rates vs. Variable Mortgage Rates

Fixed Mortgage Rate: A fixed rate means that your interest rate remains the same (fixed) for the entire term (duration) of the mortgage. Generally, this means the percentage of interest will be a little higher since the lending institution may be losing money in the future if the interest rates rise. A fixed rate mortgage provides a buyer with the serenity of knowing the cost of their interest will stay the same over time. This means your payment and the amount that goes towards reducing the principal (original mortgage amount) will remain the same over time as well.

Variable Rate: A variable rate means the percentage of interest that you are repaying will vary based on the changes in the interest rate(s) of the overall market. Typically, fluctuations in your interest rate will not alter your monthly payment, but will vary the amount of your monthly payment that goes towards reducing your principal (original loan amount). This means if overall interest rates go down you will actually be paying off your mortgage more quickly. On the other hand, if interest rates increase, you will be paying off your mortgage more slowly. Accepting a variable rate does involve a certain amount of risk but can work to the advantage of the buyer over time.

Open Mortgage vs Closed Mortgage

Open Mortgage: An open mortgage means that the loan can be paid back partially or in full without incurring any penalties. The mortgage can also be renegotiated if market conditions or your financial situation shift. Although an open mortgage provides more options and opportunities for life adjustments, this comes at a cost, as the interest rates for this type of loan tend to be higher. For those able to make larger payments or who plan on selling their home within a short period of time; however, an open mortgage can be a solid choice.

Closed Mortgage: The advantage of a closed mortgage is that the interest rates tend to be lower, but options are limited. Typically a homeowner may make extra payments or larger payments as long as the sum of the payments does not exceed a set amount determined in the loan agreement. Payments exceeding the agreed upon amount; however, would incur penalties. Although most buyers will elect to choose a closed mortgage, there are advantages to choosing the open mortgage. For instance, if market conditions are expected to change, the type of mortgage should be balanced against the type of interest rate so that as the buyer your needs are met.

What are the different rate options available for my mortgage?

There are a wide variety of rate options available for rate type and terms. Most popular rates in Canada are 5 Year Fixed, 5 Year Variable & 3 Year Fixed, You should consult your mortgage broker who can help you assist in making the right decision on choosing the rate that would suite you financial situation and needs.

Ontario

5 Year Fixed Mortgage Rates Ontario

5 Year Variable Mortgage Rates Ontario

3 Year Fixed Mortgage Rates Ontario

3 Year Variable Mortgage Rates Ontario

Alberta

5 Year Fixed Mortgage Rates Alberta

5 Year Variable Mortgage Rates Alberta

3 Year Fixed Mortgage Rates Alberta

3 Year Variable Mortgage Rates Alberta

British Columbia

5 Year Fixed Mortgage Rates BC

5 Year Variable Mortgage Rates BC

3 Year Fixed Mortgage Rates BC

3 Year Variable Mortgage Rates BC

Quebec

5 Year Fixed Mortgage Rates Quebec

5 Year Variable Mortgage Rates Quebec

3 Year Fixed Mortgage Rates Quebec

3 Year Variable Mortgage Rates Quebec

Manitoba

5 Year Fixed Mortgage Rates Manitoba

5 Year Variable Mortgage Rates Manitoba

3 Year Fixed Mortgage Rates Manitoba

3 Year Variable Mortgage Rates Manitoba

Saskatchewan

5 Year Fixed Mortgage Rates Saskatchewan

5 Year Variable Rates Saskatchewan

3 Year Fixed Mortgage Rates Saskatchewan

3 Year Variable Rates Saskatchewan

MORTGAGE 101 

First Time Home Buyers

If you’re considering buying your own home for the first time, the first step is to thoroughly weigh the pros and cons and decide if being a home owner is the right choice for you. Learn More 

Mortgage Approval Process

Our 6 step mortgage approval process can help you make your home buying simple. You are well prepared and know what to expect at each step. Let’s help you get your mortgage approved. Learn More

Fixed vs. Variable Mortgage

Fixed or Variable Rates describe the types of interest rates available. As a potential buyer, become familiar with these terms as the right rate choice can have a significant impact on your financial future. Learn More

Open vs. Closed Mortgage

In addition to the interest rate you choose, the mortgage type and term can have a significant impact on your monthly payments and the amount of interest you will pay on the principal. Learn More

Should You Refinance?

Refinancing can help you reduce the amount of interest that you pay over the term of the loan and/or by reducing your monthly payment. Is it the right time for you to refinance? Learn More

Shop before you Renew

At mortgage renewal time is important to shop around before you sign the renewal letter. Take time to review your options as your financial situation may have changed since you first got your mortgage. Learn More

Rent vs. Buy

Deciding between renting and buying requires careful consideration. Determine if you have enough cash to make a down payment. Weight the joy of home ownership against the financial costs Learn more

Mortgage Insurance

Mortgage Insurance is required by Federal law for borrowers when the down payment is less than 20% of the property value. There are 3 Mortgage Default Insurers in Canada. Learn more

 

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