Compare Mortgage Rates

Introduction to mortgage rates in Canada

A mortgage is a loan; it is the sum of money you borrow in order to make up the difference between the down payment that you've saved and the property's purchase price. There are many lenders to choose from when getting a mortgage loan; among others, banks and credit unions, for example.

When you take out a mortgage, you are borrowing money and there will be interest charged. Basically, interest is a fee you pay for borrowing the money. The interest you are charged is called a mortgage rate. The mortgage rate is the percentage interest you will pay back on top of the money you borrowed.

Mortgage rates can vary between lenders and across mortgage products. Only by comparison shopping will you find the best mortgage rate and mortgage product that best meets your needs.

Canadian mortgage rates and mortgage loan information

In Canada, there are many different kinds of mortgages to choose from, with a wide range of mortgage rates available. It doesn't matter if you are looking for a home mortgage or commercial mortgage; there are mortgage lenders with an offering that will suit your mortgage needs.

Canadian mortgages can have a fixed mortgage rate or a variable mortgage rate. What's the difference? The interest rate of a fixed rate mortgage does not change during the term of the mortgage. It is the rate you agree to when you first obtain your mortgage. The interest rate on a variable rate mortgage, on the other hand, rises and falls with the changes in the prime lending rate.

It should be noted that what appears on the surface to be the cheapest mortgage deal may not always be the best for your needs. Before committing to a specific mortgage loan or mortgage refinance, read the terms and conditions to ensure that you can live with it. Ask questions like, can I make extra payments if I have the money available, if so, how often, and are there any fees, or penalties that I need to know about?

Open and Closed Mortgages

Additionally, mortgages can be closed mortgages or open mortgages.

A closed mortgage is a mortgage which cannot be renegotiated or refinanced before the mortgage term reaches full maturity without penalty. The terms of a closed mortgage may not be as stringent as it sounds. Many lenders offer borrowers the option of making lump sum payments once a year up to a certain percentage of the mortgage or increasing their monthly payments by a determined percentage without any additional fees.

An open mortgage in contrast, can be prepaid, in part or in full, at any time during the mortgage term, without the penalties commonly associated with a closed mortgage.

With so many options, it can seem to be a daunting task to find the right mortgage or the best mortgage company to suit your individual circumstances. More and more however, Kanetix's quick and easy-to-use free mortgage comparison service is helping Canadian consumers find the lowest mortgage rates.

Compare mortgage rates and mortgage products today, online at Kanetix.ca

Kanetix can help you find Ontario mortgage rates

Looking for Toronto mortgage rates? Or perhaps mortgage rates in Mississauga, Scarborough, Oakville, Burlington, Hamilton, St. Catharines, Brantford, Niagara Falls, Ottawa, Thunder Bay, Sudbury, Brampton, Markham, Vaughan, Ajax, Pickering, Whitby, London, Windsor, Kitchener, Waterloo, Richmond Hill, Oshawa, Barrie, Cambridge, Kingston, Guelph, Peterborough, Belleville, Sarnia, or Newmarket? Compare today's mortgage rates at Kanetix.ca.

Or maybe you're looking for a mortgage rate in a smaller city or town in Ontario, like Sault Ste. Marie, Milton, North Bay, Fort Erie, Stratford, Kenora, Niagara on the Lake, Huntsville, Orillia, Cornwall, Bolton, Aurora, Gravenhurst, Port Colborne, Woodstock, Welland, Tillsonburg, Pembroke, Orangeville, Ingersoll, Wasaga Beach, Georgetown, Clarington, Lindsay, Timmins, Trenton, Picton, Bracebridge or Petawawa? Compare mortgage rates today at Kanetix.ca.

This summary is for informational purposes only and should not be relied upon without verification by contacting a mortgage professional.

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