Buying a home can be an exciting and challenging experience. When you’ve made your choices on location, size and style, you then have to prepare for costs and deal with your mortgage application.
There are a huge range of options to choose from when deciding on a mortgage provider. CompareMyRates.ca makes your search experience easier by showing you the best lenders, brokers, and banks in Canada. Our comparison list is designed to instantly show you the very latest updated mortgage rates, completely free of charge.
- Why Comparing Mortgage Rates Matters
- Open vs. Closed Mortgages – Which one is best for you?
- Fixed Rate vs. Variable Rate Mortgage
- The Best Mortgage Rates in Ontario
- Top Mortgage Rates in British Columbia
- Best Mortgage Rates in Alberta
- Top 5-Year Fixed Mortgage Rates in Canada
- 3-Year Variable Mortgage Rates in Canada
Why comparing mortgage rates matters
Buying a home is a huge investment. Whether you’re a first-time buyer or not, it’s always important to carefully research mortgage rates to ensure you get the best deal.
Mortgages vary in many aspects. One broker could have the lowest rate, but unreasonably high fees. as well as interest rates, you must consider the conditions in the contract and decide if they’re beneficial for you.
Every mortgage is different and if you want to find one that suits your needs, you have to explore all possible options.
‘Open’ vs. ‘closed’ mortgages – Which one is best for you?
With an open mortgage, you can choose to pay your balance any time before the term ends, without incurring any penalty. But, you still have to pay a premium. This is ideal if you’re planning to move in the near future, or if you’ll soon receive a large amount of money.
A closed mortgage means your premium rate is relatively lower, but the amount of principal you can pay every year is restricted. If you decide to pay off everything before the end of your term, you’ll have to pay a penalty.
Read more: Open vs Closed Mortgages
Fixed rate vs. variable rate mortgage
When choosing a mortgage, you’ll need to decide between a fixed or variable rate.
With a fixed rate mortgage, you agree to pay a certain rate over a predetermined time period. The most common term is five years, but you can also opt for a longer or shorter duration.
There is lower risk involved, since the rate is not going to change over the course of your mortgage. This also makes it easier to plan your budget because you know how much to set aside. However, fixed rate mortgages tend to have expensive additional fees.
Variable rate mortgages are more affordable, but riskier. Monthly payments depend on the prime rate. Although you can save more money initially, the price will fluctuate if prime rates change. Volatile rates make it harder to prepare a budget.
Read more: Fixed vs Variable Mortgage Rates
Best mortgage rates in Ontario
If you’re looking for the best mortgage rates in Ontario, you’re in the right place. CompareMyRates.ca simplifies your search by instantly giving you a list of the most competitive brokers, lenders, and banks. Our service is free of charge and gives you the most up-to-date results.
Our comparison tools help you compare mortgage terms and conditions and find the very latest information on pre-payment options and open or closed mortgages.
Best mortgage rates in British Columbia
Before you look for the best mortgage rates in British Columbia, it’s worth noting that prices may differ according to institution, rate type, and mortgage term. CompareMyRates.ca enables you filter your searches based on these factors.
All our rates are updated regularly, so you can rest assured that you’re getting the very latest rates from the most competitive brokers, lenders and banks.
Best mortgage rates in Alberta
To get value for money, you need to access the most competitive mortgage deals in your area. CompareMyRates.ca gives you the best mortgage rates in Alberta offered by brokers, banks, and credit unions to help you save a significant amount throughout your mortgage.
Our tools enable you to compare mortgage rates for free and get instant, up-to-date results. You can also search for specific mortgage amounts, pin codes, rate type, and mortgage terms to find a deal that suits your needs.
Best 5-year fixed mortgage rates in Canada
The 5-Year Fixed Mortgage is a loan with a fixed payment and interest rate for the first five years. It’s the most popular mortgage in Canada. People usually choose this option because there’s no need to worry about fluctuating prices that could make it difficult to budget.
This mortgage is suitable if you’re keen to lock in your payments for a fixed period of time. It’s also ideal if you’re planning to make payments on a long-term basis and have no intention to sell your home in the next five years. With a 5-year fixed mortgage, your lender will most likely cover any legal fees involved.
CompareMyRates.ca can help you find the best five-year fixed mortgage rates in Alberta, British Columbia, Ontario and Quebec.
3-year variable mortgage rates in Canada
3-year variable mortgages are also popular in Canada, especially among those planning to upgrade their home or nearing the end of their mortgage payments. It generally has lower rates than the 5-year variable mortgage, with a lower penalty if you choose to break the mortgage earlier.
At CompareMyRates.ca, you can find the most competitive 3-year variable mortgage rates in Alberta, British Columbia, Ontario and Quebec.