Best Mortgage Rates
No matter which province or territory you reside in, finding the best mortgage rate can save you thousands of dollars. Obviously, there are not many people who can purchase property without taking out a home loan. Taking out a home loan lets you buy, live in and/or use a home without needing to come up with the full dollar amount at the time of purchase. Usually the amount of the loan is equal to the majority of the home’s worth, but the downfall of this is that you will be required to pay mortgage rates on the loan. Most lenders insist on a down payment, i.e., a payment equal to a portion of the property’s worth. For instance, if a home is worth $200,000 and the buyer would need to make a down payment of 10%. This would equal a $20,000 down payment ($200,000 x 10%). To make up the balance, the lender would loan you $180,000 ($200,000 minus the $20,000 down payment).
When you are dealing with interest rates on large amounts of money even a variance in interest rates as small as an eight of a percent can make a significant difference in the amount you will be required to repay. Typically the interest is also calculated over long periods of time, which puts even more emphasis on securing the best rate possible. To make things more complicated there are also different rate and mortgage rates. This can make it difficult to determine whether you are comparing apples to apples or apples to oranges.
Calculate your mortgage payments and save interest by money by comparing different scenarios
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Variable vs. Fixed Mortgage
As a potential buyer you should become familiar with these terms to make the right rate
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Open vs Closed Mortgage
In addition to the interest type, the mortgage type of the mortgage can have a significant impact
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Save significant money in interest paid over the term of the loan.
With a semi-monthly option, the buyer makes two payments per month.
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Current Mortgage Rates Canada
Mortgage rates in Canada 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.
Compare Mortgage Rates in Canada
CompareMyRates.ca allows you to compare with some of the top brokers in Canada with a few simple clicks. We compare mortgage rates from banks, mortgage brokers, private institutions, private lenders and more.
Canada Mortgage Brokers
A Few Tips for Choosing a Mortgage Broker in Canada
Over 1.2 million people live in Canada, making it the fourth largest urban area in the country. Obviously, you would expect such a big city to have numerous homes for sale and mortgage brokers to handle the transactions. Since it may be difficult to locate a mortgage broker you can count on in big place, there are a few tips you can use to ease the process.
If you have friends or colleagues who have used brokerage services in the area, you can start your inquiries from them. When you do get to meet a mortgage broker in Canada, don't let him/her do all the talking. as many questions as necessary to help you gauge his/her suitability. There are professional bodies that licensed mortgage brokers should belong to, and you should check that the person you wish to deal with subscribes to the relevant ones. Get the best broker to get the best rate.