Welcome to KANETIX, the only service in Canada that brings the complete mortgage shopping experience to the comfort of your own home. Within minutes, you can browse different mortgage rates, secure your rate and even get pre-approved online! We have the best rates for different mortgage products from top lenders and brokers across Canada. Our mortgage comparison tool is fast, safe, user-friendly and free! Your journey to comparing fixed, variable, open and closed mortgages is just a click away.

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KANETIX's exclusive partnerships with a wide range of brokers provide residents of Newfoundland with an opportunity to get the best mortgage rates possible. Through these partnerships, we are able to offer special discounted rates.

We understand that mortgage shopping can often be an overwhelming process. That is why we're committed to bringing you the best information, resources and tools to make your mortgage shopping experience as easy, fast and secure as possible. KANETIX's mortgage payment calculator helps you save money and interest by allowing you to compare the costs of different mortgage products, as well as estimate your mortgage payments. Read the articles in our mortgage information centre to get up-to-date on topics such as first-time home buying tips, mortgage rules and mortgage payment advice. Also, take a look at our mortgage glossary to make sure your financial vocabulary is well versed.

Information about Newfoundland mortgages

Newfoundland, with its beautiful landscapes and coastal features, is an ideal place to own a home for many Canadians. In order to buy a home in Newfoundland, a mortgage is usually required. Some people might take out additional equity in their homes in order to pay off their credit card debts, or meet other financial obligations. A Mortgage rate is the interest rate that is charged on your mortgage loan. The mortgage payments that you make are applied towards paying off the mortgage principal, as well as the accumulating interest.

Mortgage loans in Newfoundland

Here are some important things to consider while shopping around for mortgages at KANETIX:

  • Rate hold period - This is the time period over which the lender guarantees your mortgage rate. A longer rate hold period is ideal because it will protect you from rate increases while you're finalizing your mortgage purchase.
  • Amortization period - The entire mortgage principal and accumulated interest must be paid off within this period. The amortization period you choose will depend on your personal situation
  • Pre-payment limitations - In a closed mortgage, you have a cap on a percentage amount when making lump-sum payments. A flexible closed mortgage offers a higher pre-payment option.

Factors contributing to getting the lowest possible rate in Newfoundland include:

  • Mortgage timing - Some brokers and lenders will offer discounts on rates depending on the period of time over which your mortgage is acquired (within 30 days, etc.)
  • Credit score - Your credit score can potentially affect your mortgage rate. For example, a lender might offer a higher rate to someone with a lower credit score.

Conventional vs. High Ratio mortgages

The down payment for your home determines whether you will be purchasing a high ratio or conventional mortgage. For example, if your down payment is less than 20 per cent of the home purchasing price, you will qualify for a high ratio mortgage. As a result, you will have to purchase mortgage insurance in order to protect the lender from borrower's default. Whereas, if your down payment on the property is 20 per cent or more, you will qualify for a conventional mortgage. The same rules apply when refinancing your home.

Which mortgage is right for you? Fixed, variable, open or closed.

Fixed mortgage rates do not change throughout the duration of the mortgage term and could therefore be considered safer. However, some people prefer lower rates, which are often available with variable rate mortgages. Variable rate mortgages are riskier and feature rates that fluctuate with the prime-lending rate, set by the Bank of Canada. These mortgages have more potential risk, as the rate can fluctuate over time, reflecting the state of Canada's economy. Choosing between these two mortgages will often depend on your risk tolerance as well as financial situation.

In an open mortgage, you are free to make lump sum payments at any time and pay off your mortgage at your discretion. With a closed mortgage, your freedoms are limited. Monthly payment increases and yearly lump-sum payments are limited to a maximum percentage.  If you would like to pay off your closed mortgage early, you'll likely incur a penalty. Open mortgages are ideal for homebuyers with a steady cash flow and a certainty about pre-payment capabilities.

Take a look and see how your mortgage rate will differ from province to province. Compare mortgage rates in Ontario, New Brunswick, Manitoba, Nova Scotia, Alberta, Prince Edward Island, and Saskatchewan.

Mortgage Brokers in Newfoundland

Use our comparison tool to find your best mortgage rate in Newfoundland. When you are ready to secure the rate you can go right ahead and complete the process online or call our knowledgeable help centre desk. We have partnered with mortgage professionals who are ready to help remove some of the stress that mortgage shopping can bring.

Other Newfoundland Services:
Newfoundland Life Insurance Quotes

Province of Newfoundland General Information

  • Population (2011): 512,659 (1.48 per cent of Canada)
  • Population Makeup (2006): 98.4 per cent Canadian born; 1.6 per cent foreign born
  • Average annual population growth (2001 - 2011): 0.2 per cent
  • Median family income (2010): $ 62,580
  • GDP (August 2012): $33 billion (1.9 per cent of Canada)
  • Unemployment rate (August 2012): 12.7 per cent
  • CPI Inflation (August 2012): 3.4 per cent

Sources: Stats Canada.

The Newfoundland Real Estate Market

  • Housing starts (2011): 3,488
    • Year-over-year change: -3.2 per cent
  • Average Residential resale price (Q4 2012 YTD): $257,500
    • Year-over-year change: 4.1 per cent

Sources: CMHC

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

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.

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