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Mortgage Rates

The most talked about component of a mortgage is the interest rate. Why? Because it's the easiest part of the mortgage's conditions to visually relate to and is the most advertised mortgage component by lenders and brokers. Yes interest rates determine your payment amount and money does talk but often the lowest rate isn't the best rate for your circumstances. Why? Because your mortgage will have other conditions that are very important too and they can significantly affect your bottom line. It's important to be aware of all the terms of your mortgage contract and how they will come into play if you decide you want to make pre- payments, refinance or switch lenders at renewal.

What’s My Best Mortgage Rate?

As mortgage brokers we get asked this a lot and well to be frank this

isn’t a simple x.xx% answer. We don’t like guessing and we require more

information to provide you with accurate information.

How Your Mortgage Rate is Determined

A lender will determine your mortgage interest rate by a number of aspects which may include the

following:

• Your credit score & payment history

• Your income type

• The property type

• The equity in your property

• If the mortgage is insured or insurable

Qualifying Mortgage Rate vs Contract Mortgage Rate

In order to qualify for a mortgage term of less than five years for a standard mortgage there will be two interest rates to consider, the qualifying rate and the contract rate. The qualifying mortgage rate is set by the Bank of Canada for insured mortgages and is referred to as the Benchmark Rate. The Benchmark Rate is based on posted five year fixed rates. The Government initiated this method to insure that if there are any increases in mortgage rates in the short term that the borrower would be able to afford their mortgage payments at renewal.
Sample Current Mortgage Rates
More
BUY MY FIRST HOME CONTACT A MORTGAGE BROKER APPLY  FOR A MORTGAGE
I WOULD LIKE TO:
LEARN ABOUT INTEREST RATES REFINANCE MY MORTGAGE Apply Tweet Me

Mortgage Rates

The most talked about component of a mortgage is the interest rate. Why? Because it's the easiest part of the mortgage's conditions to visually relate to and is the most advertised mortgage component by lenders and brokers. Yes interest rates determine your payment amount and money does talk but often the lowest rate isn't the best rate for your circumstances. Why? Because your mortgage will have other conditions that are very important too and they can significantly affect your bottom line. It's important to be aware of all the terms of your mortgage contract and how they will come into play if you decide you want to make pre-payments, refinance or switch lenders at renewal.

What’s My Best Mortgage Rate?

As mortgage brokers we get asked this a lot and well

to be frank this isn’t a simple x.xx% answer. We don’t

like guessing and we require more information to

provide you with accurate information.

How Your Mortgage Rate is Determined

A

lender

will

determine your mortgage interest rate by a number

of aspects which may include the following:

• Your credit score & payment history

• Your income type

• The property type

• The equity in your property

• If the mortgage is insured or insurable

Qualifying Mortgage Rate vs Contract

Mortgage Rate

In order to qualify for a mortgage term of less than five years for a standard mortgage there will be two interest rates to consider, the qualifying rate and the contract rate. The qualifying mortgage rate is set by the Bank of Canada for insured mortgages and is referred to as the Benchmark Rate. The Benchmark Rate is based on posted five year fixed rates. The Government initiated this method to insure that if there are any increases in mortgage rates in the short term that the borrower would be able to afford their mortgage payments at renewal.
Sample Current Mortgage Rates
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