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

KANETIX has a commitment to London, ON, residents. London is situated along the Windsor Corridor/Quebec City southwestern region of Ontario. It's a thriving community with a population crossing a range of ages, backgrounds, religions and ethnicities. Home to many festivals and cultural events like Sunfest, Rock in the Park and The International Food Festival, London boasts also being the home of the London Youth Symphony and the Amabile Choirs of London.

KANETIX is THE mortgage website for comparing and securing mortgage rates. You can use the service to browse and collect information, or find a specific rate or company. And KANETIX makes it so easy it can be done from the comfort of home. Our free comparison service can locate the most competitive and lowest mortgage rates. You can view rates for a range of mortgage products throughout the London area.

Click Here to View all Rates

If you require a mortgage in London, we can connect with you the best financial institutions and the lowest mortgage rates. Utilise KANETIX' mortgage information centre to keep on top of all things mortgage. Read detailed articles about LINK/"housing trends in London", on tips for paying off a mortgage;, about mortgage rules and questions and answers about life and mortgage insurance.

What Makes KANETIX Different?

With our services, expect:

  • A range of mortgage lenders, brokers and products
  • The best rates in London, ON
  • A mortgage guarantee certificate from the comfort of your home
  • Fast, secure, safe and FREE accessibility to our information
  • A secure and safe purchase of an online mortgage
  • Experienced and supportive London, ON mortgage agents


What's a London, ON Mortgage?

London is one of Canada's fastest growing provinces. Its economic prosperity, quality of life and standard of living make it clear why so many Canadians are choosing the city for their first home (see: first time home buying tips). These homes have a rich history of appreciating in value.

Purchasing a home in London usually requires a mortgage. Some homeowners may take additional equity out of existing properties in the form of a mortgage. This is often done to pay off debt, work on renovations, send kids to college or other personal projects. Mortgages can be obtained through a credit union, chartered bank, mortgage broker or other financial lender.

The mortgage rate is the interest charged on the loan. With every mortgage payment, a portion will be applied to the interest. The remainder will cover the principal and other related fees. Only the payment portion put towards the principal will reduce the balance of the overall mortgage.

Important Information

While low interest rates can definitely influence mortgages decisions, they cannot be the sole factor. Here are considerations to take into account:

  • Rate Hold Period. This is the period where the lender guarantees a specific rate. Typically, finding a mortgage with a longer rate hold period provides the best protection from rate hikes.
  • Pre-payment Limitations (Closed Mortgages). These mortgage options offer the ability to make annual payments at a fixed percentage of the mortgage with the opportunity to increase monthly payments by a specific percentage. The higher the limit percentage, the more flexibility with the mortgage.
  • Amortization Period. This is the period of time where the borrower is required to repay the mortgage in full. Some lenders and brokers may grant longer amortization periods than others. That period will likely be determined by personal circumstances.

Types of Mortgages

KANETIX allows comparison of the LINK/"best mortgage rates in London, ON" from the best financial institutions with a few clicks of the mouse. There are four types of mortgages: Variable, Fixed, Open and Closed. Variables come with a rate that adjusts with the prime lending rate. A fixed mortgage has a set rate that doesn't change throughout the life of the mortgage. Open mortgages are recommended if pre-payments are expected above what's allowed with a closed mortgage, which has payment restrictions. Closed mortgages can increase monthly payments and allow lump sum payments up to a specific percentage. If you pay more than what's stipulated in the mortgage agreement, a penalty may be incurred.

Conventional vs. High Ratio Mortgages

Classifying a mortgage as high ratio or conventional mortgage will be decided by the size of the down payment, or, if refinancing, the amount of equity in the property. If the down payment or home equity is less than 30 per cent of property value, mortgage default insurance will be necessary to protect lenders from borrower default. That cost can run between 1.75 and 2.75 per cent of the mortgage amount.

Mortgage Brokers in London, ON

London's biggest mortgage brokers have partnered with KANETIX to bring its residents the best mortgage rates. If you have any concerns or questions, our partnered brokers are ready to help resolve them.

Variables that Affect London, ON's Low Mortgage Rates

You will encounter varying rates that differ from lender to lender and their mortgage products. Here are some factors lenders may consider when providing a rate:

  • Credit Score. Lenders may offer rate tiers across groups of consumers with specific credit scores.
  • Mortgage Timing. Obtaining a mortgage within a certain time period (within 30 days, etc.) could make one eligible for a discount, depending on the lender.

KANEXTIX wants to keep its London, ON customers informed about lenders, mortgages and the best ways to utilise them. Our service is available in Ontario, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Newfoundland and Prince Edward Island. Get a secure rate quickly and efficiently under the best possible circumstances. Use KANEXTIX to rate top brokers and lenders in London, OH and throughout the provinces of Canada.

City of London General Information

  • Population (2011): 366,151
  • Population growth (2011): + 3.9 per cent
  • Median family income (2010): $85,380
  • GDP (2012): + 1.0 per cent
  • CPI Inflation (2012): + 1.4 per cent

Kanetix in London:
London Mortgage Rates
London Car Insurance
London Life Insurance

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.

LONDON HOUSING TRENDS

Situated in the southwestern tip of Ontario, the metropolitan area of London is home to over 474,000 residents (with the town of London itself being home to over 366,000 people). Located about midway between Detroit in the United States and Toronto, the city is nested in a gorgeous area that features a hardwood forest and the Thames River. Originally established in 1826, London is currently ranked as the 15th largest city in Canada. It is known as being home to several higher education institutions, cultural festivals and more. Its economy is largely driven by education, tourism, information technology and medical research. Because London is located in an economically strategic and naturally beautiful area, it is a wonderful place in which to settle. Those who are interested in buying or selling real estate in London in the near future may consider the benefits of researching the local housing market more thoroughly.

The Effect of Interest Rates on London Housing

Mortgage interest rates in London reflect interest rates across Canada, and because the Canadian and United States economic markets are so closely linked, Canada's interest rates often follow suit with the rates in the U.S. Because of the economic recession that gripped the area during the latter part of the last decade, interest rates in the U.S. declined steeply. However, the economies in the United States and Canada have been improving in recent months, and mortgage rates are beginning to rise. While forecasted to slowly rise throughout 2014, mortgage rates are nonetheless expected to continue to remain relatively low and affordable. It is important to note that as interest rates rise even slightly, the affordability of housing can be affected; as such, the trend for rising interest rates may ultimately affect the demand for housing in London within the next year.

Housing Starts in London

According to Canada Mortgage and Housing Corporation (CMHC), new housing starts in London have declined slightly over the last year. In 2012, there were 1,234 new housing starts for single detached homes. In 2013, this figure is projected to drop by just over 50 homes to be 1,170 (reflecting a decline of 5.2 percent). Looking forward for 2014, CMHC expects 1,245 new single detached home starts for 2014 (an increase of 6.4 percent). Looking at all new housing starts, including single detached and various types of multiple housing units, there was a decline between 2012 and 2013: in 2012, 2,240 units were constructed, and the projected figure for 2013 is 1,950. Despite London posting slight drops in new housing starts, the area is expected to have growth in 2014 as the demand for new housing increases. 2,060 total housing units are expected to be built in 2014, which reflects a substantial increase of 5.6 percent over 2013.

London Resale Homes

There was also a decline in the resale of existing homes in London over the last year. In 2012, 8.272 existing homes in London were sold. The forecasted figure for resale homes in 2013 is 8,025 units, which represents a decline of about three percent. Looking forward, the resale market is expected to improve slightly for 2014. The forecast for 2014 indicates that 8,165 homes will be resold, and this is a modest 1.7 percent increase from 2013.

London Home Prices

The average home price in London has been slowly increasing over the last few years. In 2011, the average home price was $233,731. This figure increased to $241,160 in 2012, and it is projected to be $243,900 in 2013. This represents an increase of 1.1 percent between 2012 and 2013. This increasing trend is expected to continue. The average home price is projected to be $246,800 in 2014, which is a 1.2 percent increase from the previous year.

Current Economic Conditions and Economic Projections for London

Understanding the latest housing trends and analyzing interest rates is important, but the local economy can also have a significant impact on the housing market. With this in mind, an analysis of the economy in London is important. The current employment level in London is 252,000, which reflects a 1.7 percent increase over 2012. The forecasted employment level for 2014 is 255,000, which is a 1.2 percent increase over 2013. As a result, the unemployment rate is expected to decrease slightly from 8.5 percent in 2013 to 8.4 percent in 2014.

It is important to note that approximately 2,650 new residents are expected to move into the area in 2013, and an additional 2,725 new residents are projected to migrate to London in 2014. Despite this migration, the unemployment rate is projected to continue to improve. Job growth is especially forecasted in the service and manufacturing sectors.

A Market Analysis

The London housing market is like any other housing market, in that it can be difficult to accurately predict what will occur in the future. With numerous factors all affecting the market in unique ways, it can be a challenge to determine which factor will have a greater impact on housing. However, by analyzing all aspects of the market, you may be able to make a more educated decision about how to proceed with your real estate plans. In London, experts project that both housing prices and interest rates will rise slightly going forward, and there will also be more new housing starts and resale homes on the market within the next year. Because of this, now may be a more advantageous time for buyers to purchase a home, while sellers may consider waiting a few months to list their home on the market.


Kanetix Mortgage App

Buying a home? The KANETIX Mortgage App helps you tally the numbers that count when it comes to home ownership.
  • Affordability calculator: work out how much of a mortgage you can carry.
  • Mortgage calculator: easily calculate your mortgage payments.
  • Mortgage rates: compare and call to secure fixed and variable mortgage rates.

Reminders & savings

Sign up for our free mortgage and insurance Renewal Reminder service or Newsletter for the latest news and money saving tips.

Email address