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

At KANETIX, we offer you a free online platform to compare mortgage programs so ou can find the best rates and loan terms that match your unique financial goals. From the comfort of your home, you can review and compare different mortgage products and rates from a wide selection of mortgage brokers and lenders with some of the most competitive mortgage rates available.

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In addition to our helpful comparison tools, our mortgage information centre includes information to help you make an informed decision. You can find help when choosing between mortgage insurance or life insurance and stay current on how the latest mortgage rules can impact Canadian homeowners.

What makes KANETIX unique?

  • The best rates in Hamilton
  • Safe, secure, and free online mortgage application
  • Receive your mortgage guarantee certificate online
  • The ability to secure and obtain a mortgage online
  • Mortgage agents from our brokerage partners at your service

Looking for a Hamilton Mortgage

With its diverse and robust economy, the city of Hamilton is experiencing a healthy growth in its real estate market. With numerous development projects underway, Hamilton is transforming itself from its blue-collar industrial roots into a modern urban centre. For first-time homeowners, Hamilton is becoming an affordable and viable alternative to the pricey Toronto housing market (see: tips for first time home buyers). For those thinking about purchasing a house in Hamilton, there is no better time to take advantage of a mortgage that can help you reach your dream of homeownership.

Important information on mortgage loans in Hamilton

Finding the lowest interest rate is an important factor for many homebuyers, but there are other equally important loan terms that should be considered in order to find the best mortgage for your unique situation. Here's a list of these important features:

  • Rate hold period - During the loan qualification process, the lender will hold an interest rate for a certain period of time. This provides you with a guarantee while you finalise the loan documentation and close on your home. A longer rate hold period will provide added protection from potential rate increases if you experience any delays in purchasing your home.
  • Pre-payment limitations (closed-mortgages) - Pre-payment fees on closed mortgages are incurred when a borrower either refinances or pays off a loan balance before maturity. Despite the pre-payment limitation, closed mortgages tend to have lower interest rates than open mortgages.
  • Amortization Period- The length of time in which the loan balance is paid off in which in which monthly payments include principal and interest. Longer amortization periods result in lower monthly payments, however the total interest paid over the life of the loan is higher.

Finding the best mortgage rate in Hamilton

To take advantage of the various loan programs available, you can now compare Hamilton interest rates (https://www.kanetix.ca/best-mortgage-rates-ontario-canada) with the help of our KANETIX online platform. Our partnership with various Hamilton mortgage brokers and lenders give you access to exclusive discounted rates, while our easy and secure online mortgage application allows you to secure a mortgage with the best loan terms and interest rates for your unique situation.

KANETIX provides access to all major loan programs to facilitate your review and comparison when finding the best mortgage: fixed-rate mortgages, closed mortgages, open mortgages, and variable rate mortgages.

Whether you need a first mortgage, second mortgage, mortgage renewal, or mortgage refinance, KANETIX has the tools and resources to help you navigate the lending process. When comparing interest rates, amortization periods, down payments, and payment frequencies, our Hamilton mortgage calculator will help you estimate monthly payments and total interest paid for the different loan programs you're considering.

The four types of Hamilton mortgages - Variable, Fixed, Open, Closed

Your short- and long-term financial goals will play a key role in deciding between a variable or fixed rate mortgage. A variable rate mortgage, for example, tends to have a lower initial rate than a fixed-rate mortgage. However, the rate will adjust periodically based on a pre-determined market index. A variable rate mortgage can be a more cost-effective choice than a fixed-rate mortgage for a homeowner who plans to sell the house after a short period of time. Meanwhile, a fixed-rate mortgage provides stability for the risk-averse homeowner because the rate is fixed for the life of the loan. Fixed-rate mortgages are a better option for homeowners planning to own their home for more than 10 years.

The other mortgage structure you'll need to consider is based on whether you plan to refinance or make additional payments on your loan; if this is the case, then you'll want to consider an open mortgage, which allows you to pay off your mortgage before it matures, whether through refinancing or early payments, without incurring pre-payment fees. A closed mortgage, however, does include pre-payment penalties, or fees, for additional payments made above a predetermined percentage or should you refinance.

Conventional vs. High Ratio mortgages in Alberta

The amount of down payment will determine whether your loan is structured as a conventional or high ratio mortgage. If your down payment is more than 20 percent of the house purchase price, you'll benefit from a conventional mortgage and a lower rate. For down payments less than 20 percent, your mortgage is considered a high ratio loan. In this case, mortgage default insurance is included in order to protect the lender should a borrower default on the loan. For refinancing, a high ratio loan results when the available equity after a mortgage refinance is less than 20 percent of the property's value.

Credit Score and Credit History

Before applying for a mortgage, it's always a good idea to review your credit report for any errors or discrepancies that can jeopardize your ability to qualify for the lowest rates possible. A better understanding of your credit score and credit history can help you make smart financial choices that can boost your credit worthiness during your loan application process.

Hamilton Demographic Information

  • Population (2011): 519,949
  • Average annual population growth (2006 - 2011): 3.1 per cent
  • Median family income (2010): $68,421

Source: Stats Canada

The Hamilton Real Estate Market

  • Properties sold (July 2013): 1288
  • Year-over-year change: +3.9 per cent
  • Average sale price (July 2013): $387,108
  • Year-over-year change: +10.7 per cent
  • Residential listings (July 2013): 1685
  • Year-over-year change: +4.1 per cent

Source: RAHB

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Hamilton is a scenic port city located right on the coast of Lake Ontario in the province of Ontario. The metropolitan area has a population of over 720,000, making it the ninth largest city in the country. While the city is heavily industrialized, the scenic beauty of Lake Ontario and green parklands throughout the area make it an idyllic setting to call home. In addition, there is a vibrant arts and entertainment culture in the area that enhances the enjoyment of locals who call Hamilton home. Individuals who are considering buying or selling real estate in Hamilton understand that the area has much to offer residents-but some may be trying to make a more informed decision about their real estate plans by learning more about the local housing market. With an eye on a few key real estate factors, residents or those planning to move into the area can become more informed buyers and sellers.

A Look at Canadian Interest Rates

While the overall trend in interest rates is expected to increase at a moderate pace, mortgage rates in Hamilton are expected to remain "relatively low" until mid-2014. One-year mortgage rates are expected to remain between 3 percent and 3.25 percent in 2013 (and between 3.25 and 3.75 for 2014). According to Canada Mortgage and Housing Corporation (CMHC), low mortgage rates through 2013 and into 2014 will encourage a growing population of young professionals to move to the area.

Hamilton Housing Starts

From 2012 to 2013, new housing starts for single family residential homes in the Hamilton metropolitan area have decreased, but this may be due in part to the number of apartments and condos that have been built in the local area in recent months. The availability of these units has made them affordable, and the demand for new housing has decreased. However, it is important to note that a projected influx of new residents into the area, as well as a decreased availability of condo and apartment units, will result in a projected increase in demand for new housing starts toward the end of 2013 and throughout much of 2014. With that said, there are always new and innovative condo developments popping up in Hamilton. A good example is The Connolly, a revitalization project of the James Street Baptist Church in Hamilton's downtown core.

The Resale of Homes in Hamilton

Between 2012 and 2013, the resale of existing homes in the Hamilton area has remained relatively stable. While many potential homebuyers have been sitting out of the market due to economic factors in the area, the low interest rates that have been present for much of the last year have encouraged others to move into their first home to upgrade to a larger home. An increase in the number of first-time home buyers is anticipated for late 2013 and for much of 2014. Because interest rates will remain relatively low for the next year, this increase in the number of home buyers will result in a larger number of resale homes changing hands within the next year.

Home Prices in Hamilton

At the beginning of 2012, the average price of a home in Hamilton was around $250,000. The average price of homes has fluctuated throughout much of 2012 and 2013, and prices are expected to increase by the end of 2013 to about $260,000. In early 2014, housing prices are projected to drop for a short period of time before rising gradually back to around $260,000. The slow but steady increase in housing prices that is anticipated in Hamilton in 2014 is due in large part to the expectation that interest rates will remain affordable and that demand for homes will increase due to more first-time homebuyers and an influx of new residents into the area.

Home prices in Hamilton in particular have seen quite a boost. Samantha Craggs of CBC News calls Hamilton's housing market an "anomaly in Canada." Despite the housing slump in some parts of the country, home prices in Hamilton have doubled-or even tripled-from what they would have been just 10 years ago.

Based on the current factors that are present in the marketplace and reasonable projections about what may happen over the next few months in Hamilton, it is important to note that the average price of a home as well as the average interest rate for a mortgage are expected to increase slightly. Because of this, those who are interested in buying a home in Hamilton may obtain a slightly better deal by acting sooner rather than later. Those who are interested in selling their home may benefit slightly by waiting a short period of time for housing prices to increase over the next few months.

A Word About the Economy in Hamilton

The economy in Hamilton has been rather sluggish in recent months and years due to the weight of the manufacturing industry on the local economy. Issues with consumer spending in the United States that were affected by the recession have trickled into the Hamilton economy, and the labor market for local manufacturing jobs has been subdued. However, the U.S. economy is now recovering, and because of this, an increase in discretionary income, consumer confidence and employment opportunities in the manufacturing industry is expected to be present in Hamilton. As local consumers enjoy a decreased unemployment rate, increased income and continued low interest rates, renters may be more likely to become first-time home buyers, and homeowners may be more likely to make an upgrade. In addition, the strength of the labor market will result in others relocating into the area. This will increase demand in the housing market.

While the city has faced economic hardships as of late, the growing housing market is proof of an upward trend. Says housing expert Richard Harris, "[recently], local attitudes-the way Hamiltonians thinks about the prospects for their city, especially downtown-have changed. There's a lot of belief in the possibility of revival."

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