These days, it’s more difficult than ever to find the lowest mortgage rates available in Canada. Higher interest rates no longer dominate the playing field, but current industry rules complicate matters for homeowners searching for mortgage renewal options and first-time buyers. Self-employed and part-time earners, who make up approximately 20% of Canada’s current population, often face the greatest difficulties obtaining a mortgage. Let’s take a closer look at Canada’s mortgage market…
Why should you compare mortgages?
It’s important to understand the true value of the mortgage you’re planning to take out. Often, mortgage lenders provide interest rates, along with numerous additional costs that only serve to confuse buyers. Be aware of extra costs like premiums, property tax, closing costs, interest rates and annual percentage rates that can contribute to the overall affordability of your chosen property.
You can access all available options for the current lowest mortgage rates in Canada via our unbiased comparison tool and find the option that best suits your needs. This saves you the time and stress of wading through lots of websites or paperwork.
Tips on comparing mortgages
Here are some tips and guidelines to help you learn more about comparing mortgage rates:
Broker vs. bank
Prospective buyers often wonder whether it’s better to contact a mortgage broker or bank. Working with banks sometimes allows you to meet your lender in person. And, if you’ve developed trust with your bank, they may offer you some exclusive perks. On the other hand, dealing with a broker gives you access to a wide range of lenders. You can quickly weigh up your best deal. But, it’s worth noting that Canada’s current lowest mortgage rates are fairly evenly spread among different providers. Learn more: Bank vs Mortgage Broker
Variable vs. fixed mortgages
Variable mortgage interest rates change to reflect the conditions of the market and are usually lower than fixed ones. Fixed mortgages gives you the stability of a set budget. It enables you to plan your exact payments. Learn more: Variable vs Fixed Mortgages
‘Open’ vs. ‘closed’ mortgage
Open mortgages offer flexible terms of repayment, whereas closed ones include penalties. Open mortgages are usually beneficial for those with unstable incomes, such as self-employed or part-time workers. But, open mortgages usually have slightly higher interest rates than closed mortgages. Finding the best of Canada’s current lowest mortgage rates means searching out the best one for your individual needs. Learn more: Open vs Closed Mortgages
Find the current lowest mortgage rates in Canada with CompareMyRates.ca
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Quotes provided at CompareMyRates.ca are tailored to your needs and the area of Canada you live in. Our goal is to provide you with offers you won’t find anywhere else. Here are some compelling reasons to try our free service now:
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