Would You Like to Get the Best Mortgage Rates in Brampton? We Are Here to Help You!

At KANETIX, our industry professionals are committed to providing you with the best service in Brampton for all of your home mortgage needs. We take great pride in being the only mortgage website in Brampton that can help you find and compare the lowest mortgage rates, lock in the rates, and obtain your mortgage completely online! You can simply browse our site to collect valuable information, or if a specific interest rate grabs your attention, KANETIX allows you to secure the rate online from the comfort of your own home. Our free comparison service will help you find some of the lowest mortgage interest rates in the industry. Using our service, you can view the rates of numerous mortgage products offered by several mortgage brokers and lenders.

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If you're searching for a mortgage in Brampton, you will be ecstatic to discover our low mortgage rates, which are offered from a wide variety of brokers and lenders just for you.

Our mortgage information centre is a treasure trove of information to keep you updated on everything related to mortgages. From detailed articles about Toronto housing trends and new mortgage guidelines that affect every Canadian homeowner to tips about mortgage insurance and how to pay off your mortgage sooner, you can find all of the information you need to secure the lowest rate and pay off your mortgage as soon as possible.

Put simply, if you have mortgage-related questions, we have the answers.

What sets KANETIX Apart?

  • The best rates in Brampton
  • A huge collection of mortgage products, brokers, and lenders
  • Secure a mortgage guarantee certificate without stepping foot outside your front door
  • Easily purchase and secure a mortgage completely online
  • Our service is fast, safe, and absolutely free!
  • Access helpful and professional Brampton mortgage agents at our experienced mortgage brokerage partners

What is a Brampton Mortgage?

Brampton is a thriving city in Ontario, whose residents enjoy economic prosperity, quality of life, and a high standard of living. For these reasons and more, it is easy to see why a number of Canadians are choosing Brampton as the location for their first home purchase (see: first time home buying tips). Brampton homes are valuable assets that have risen in value significantly over time. When purchasing a property in Brampton, a mortgage is often needed to pay for the difference between the purchase price of the property and the down payment. Some Brampton residents also choose to use the equity of their current homes as a type of mortgage to reduce credit card debt, perform home renovations, pay for college, and to cover any other need.

In Brampton, mortgages can be secured through trust companies, mortgage brokers, credit unions, chartered banks, or any other designated mortgage lenders. The mortgage rate is simply the interest on a mortgage loan. Whenever you make a payment, some of it goes towards the interest and the remainder is applied to the principal. The mortgage balance is only reduced by the portion of the payment that is applied to the principal.

Important Information on Mortgage Loans in Brampton

Securing a low rate is important, but it should not be the only factor when you are making a mortgage decision. Here are some other considerations you should keep in mind when deciding on a mortgage:

  • Pre-payment limitations - Also known as closed mortgages, pre-payment limitations allow you to make annual mortgage payments at a fixed rate as well as choose to increase the monthly payments by a certain percentage.
  • Rate hold period - This is the length of time that a lender will guarantee your interest rate.
  • Amortization Period - This is the period of time in which you must repay the mortgage amount.

Finding the Best Mortgage Rate in Brampton

At KANETIX, you can compare competitive mortgage rates in Brampton from a wide range of brokers and lenders easier than ever before, allowing you to secure the best mortgage for you with the lowest rate. KANETIX also offers special discounted rates to Brampton residents. Due to the vast number of mortgage products, KANETIX does the shopping for you, so you can enjoy a stress-free alternative to the typical mortgage-comparison process!

Thanks to our partnerships with numerous Brampton mortgage brokers, we can offer our Brampton customers the most competitive rates possible. Try out our industry-leading service and witness just how easy it is to lock in a mortgage rate online. As soon as you're ready to secure your rate, you can complete our short online application and be well on your way to being a happy homeowner. If you would rather give us a call, one of our helpful mortgage agent partners will help you every step of the way.

Whether you desire a closed mortgage, open mortgage, fixed rate mortgage, or variable rate mortgage, KANETIX provides a myriad of mortgage rates for you to compare. In fact, you can:

  • Classify mortgages by rate type, payment type, amortization, term, etc.
  • View both lender and broker mortgage loans
  • Best of all, it's free, secure, and only requires a couple minutes of your time

KANETIX also provides powerful tips and tools to help you through the home purchasing, mortgage refinancing, mortgage renewal, first mortgage, or second mortgage process. Our Brampton mortgage calculator lets you see how your mortgage rate, amortization period, payment frequency, and mortgage amount affects your monthly payments. Do you want to know the total amount of interest you will be paying throughout the life of the loan? Our Brampton mortgage calculator can show you this as well as show you ways to save by switching your payment frequency.

Four Types of Brampton Mortgages

In addition to the interest rate, it's also import to consider the type of mortgage you secure. A variable rate mortgage has an interest rate that adjusts according to the prime lending rate, which may change throughout the term of the mortgage. On the other hand, a fixed mortgage has a mortgage rate that does not change throughout the life of the mortgage. Choosing between fixed and variable rate mortgages usually comes down to your risk tolerance, the current interest rates, and expected rate changes.

You may also select an open or closed mortgage, but to do so, you must take into account your future projected cash flow and the behaviour of future payments. An open mortgage allows you to make pre-payments and pay off your mortgage whenever you want without incurring any penalties. With a closed mortgage, you may incur penalties if you pay more than the limit that is stated in the mortgage agreement. However, you may be able to increase your monthly payment or make lump sum payments up to a certain percentage.

Utilize our comparison service to uncover the most competitive Brampton mortgages, Brampton mortgage rates, and Brampton mortgage lenders and brokers.

High Ratio vs. Conventional Mortgages in Brampton

The size of your down payment or the amount of equity in your property when refinancing your home is responsible for whether or not your mortgage is classified as a high-ratio or conventional mortgage in Brampton and the rest of Canada. If the amount of your down payment or the equity of your home is less than 20 percent of your home's value, you will need a high-ratio mortgage. With this type of loan, you must have mortgage default insurance, which is typically 1.75 to 2.75 percent of the total mortgage amount. Canada Guaranty, Genworth Capital, and Canada Mortgage and Housing Corporation can provide you with additional information regarding high-ratio and conventional loans.

Mortgage Brokers in Brampton

KANETIX works with the largest mortgage brokers in Brampton to provide you with the most competitive mortgage rates possible. So, browse our low rates and easily secure a rate online or via the phone. Our mortgage broker partners will be more than happy to answer any of your questions or concerns.

At KANETIX.ca, you can view full descriptions about the features of every mortgage deal that is listed. Visit the mortgage rate comparison page to uncover the lowest mortgage rates in Brampton.

Factors That Affect the Best Mortgage Rates in Brampton

Throughout the mortgage rate comparison process, you will experience different rates for varying mortgage products and lenders. However, the following factors are also considered by lenders when they offer you a rate:

  • Credit Score
  • Mortgage Timing

As a Brampton mortgage buyer, you should provide accurate information and be informed about the factors that may affect the rate of your mortgage or your mortgage approval.

Use our comprehensive mortgage rate comparison service to discover various mortgages and secure your low rates, so you can be approved for a Brampton mortgage today!

The KANETIX mortgage comparison service can also be used for the rest of Ontario, Nova Scotia, Manitoba, Alberta, Saskatchewan, New Brunswick, Prince Edward Island, and Newfoundland. So, compare today's best mortgage rates offered by the top lenders and brokers in each province.

City of Brampton General Information

  • Population: 523,911
  • Population Makeup: 48.55 percent Canadian born; 50.58 percent foreign born
  • Average annual population growth: 5.95 percent
  • Projected population growth: 32.4 percent, or almost 200,000 over the next 25 years
  • Median family income: $83,379
  • GDP: $179 billion
  • Unemployment rate: 10.1 percent
Sources: Stats Canada
The Brampton Real Estate Market
  • Housing starts: 23,130 ?Yearly change: 3.4 percent
  • Average residential resale price: $401,158 ?Yearly change: 6.2 percent
Sources: CMHC

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KANETIX's innovative mortgage rate comparison service is available Canada-wide! You can compare the best mortgage rates from top lenders and brokers in the province of Ontario, Alberta, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Newfoundland and Prince Edward Island.

Brampton ON Housing Trends

Located in an idyllic location in southern Ontario, Brampton is included in the Toronto metropolitan area. While considered to be a suburb of Toronto, Brampton is large in its own right with over a half million residents (making it the nation's 9th largest city). Established in the mid nineteenth century, Brampton's cityscape boasts a unique blend of older and newer architecture. It is known for its extensive greenhouse industry, and it also offers diversity in its economy with strength in industries like retail, information technology, communications, and manufacturing. Because of its proximity to Toronto and the many features and benefits it offers within its own city limits, this area is a charming place to call home. When preparing to buy or sell real estate in Brampton, it is important to consider housing trends and marketing conditions.

The Important Role of Interest Rates

Interest rates play a major role in the real estate market because they can affect the affordability of housing. In recent years, the mortgage interest rates in Canada have mimicked interest rate trends in the United States. However, the trend has changed recently as the economies in both Canada and the United States have been improving. While the trend for rising interest rates is expected to continue throughout 2014, interest rates are still expected to remain reasonably low. Nonetheless, even a modest rise in interest rates can have a significant impact on the affordability of housing in Brampton.

Brampton Housing Starts

According to the Brampton Economic Development department, the number of housing starts for single-family detached homes decreased sharply between 2012 and 2013. In fact, the number of new starts for 2013 is annualized to be approximately half the number of starts that took place in 2012. This declining trend also holds true for town home starts and semi-detached homes. Altogether, this trend indicates that there is a decreasing demand for new homes to be built in the area, and this trend is expected to remain stable or become more pronounced going into 2014.

Housing Resales in Brampton

The resale of homes in Brampton should also be considered carefully as an important economic factor in housing trends for the area. Approximately 1,931 homes in Brampton were resold in 2012, and in 2013, this figure was 1,646. This indicates a decline in the number of existing homes that are being placed on the market for sale. Lower interest rates may have enticed some existing homeowners to stay in their home and to refinance or make upgrades rather than to move into a new home.

Single Family Residential Housing Prices in Brampton

While the number of new homes being constructed in the area and the number of existing homes being re-sold have declined recently in Brampton, housing prices in the local area have not remained static. The average price of a single-family detached home in Brampton in March 2012 was $466,654. In March 2013, the average price was $489,413. (This figure is markedly different from the average price of newly constructed single family homes in the area. The cost of a new single-detached home in February 2012 was $566,296. In February 2013, this figure was almost the same as the previous year at $566,714.) The marked difference between the average price of resale and new construction homes may indicate why the resale market saw less of a decline in sales than the new construction market saw during this period of time.

The Local Economy in Brampton

The Brampton economy is relatively diverse, and employment opportunities for both skilled and unskilled workers are available in a wide range of industries and sectors. In addition, many workers can find additional opportunities throughout the Toronto metropolitan area if they are willing to commute. While unemployment has been a concern in the area for several years, the unemployment rate peaked in March 2012 at 10.2 percent before it declined considerably to 7.5 percent in December 2012. As of September 2013, the unemployment rate for the entire Toronto metropolitan area was 7.8 percent.

There is a trend toward greater job creation in the local area, and this may continue to bolster the job market. When individuals are concerned about their employment status or are unemployed, they are far more likely to remain in their home than to move. While unemployment issues may have been a factor in the sluggish real estate market of years past, a growing economy and decreasing unemployment rate may provide a much-needed boost for the Brampton housing market.

Looking Forward

Analyzing the factors that have contributed to the housing market trends over the last year or two is important because it offers greater insight on the current state of the housing market. While timing the market can always be a tricky endeavor, the one thing homeowners or potential buyers should keep in mind is that the economy in Brampton appears to be on the upswing. Thanks to a lessening unemployment rate, there is a likelihood that new construction and housing resales may increase in the coming year.

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