Welcome to the first and only online service in Canada where you can not only browse the best mortgage rates in the country, but also secure these rates and acquire mortgages electronically! Kanetix® offers a free online mortgage rate comparison portal with some of the lowest and most competitive mortgage rates you'll find anywhere. The service allows you to view rates for dozens of different mortgage products offered by a variety of lenders (i.e. chartered banks) and mortgage brokers. You can choose to simply browse, or if you're interested in a specific rate, secure it online from the comfort of your own home. You'll even get a rate guarantee certificate with all the details (subject to certain terms and conditions of our partner mortgage brokers and lenders).
Ontario mortgage buyers, we feature extremely low mortgage rates just for you from a variety of lenders!
Compare the best mortgage rates in Ontario today:
At Kanetix we're also committed to providing you with effective tools and calculators to help you with your home purchase and refinancing decisions. Want to know how the mortgage amount, amortization period, rate and payment frequency affects your mortgage payment? Try out our easy-to-use Ontario mortgage calculator today! This mortgage calculator will also help you understand how much total interest you could be paying over the life of the mortgage and how much you can save by switching to a rapid bi-weekly or rapid weekly payment frequency. This knowledge is instrumental for budgeting and figuring out how much of a mortgage you can afford.
Owning a home in Ontario is a dream for many Canadians given the economic prosperity, lifestyle, and quality of life across the province. Homes in Ontario are assets and usually appreciate in value over the long term. In order to purchase a property in the province, a mortgage is often required. Obtaining the mortgage covers the shortfall, difference between the property value and down payment, in financing. Or perhaps you want to renovate your home, or pay off credit card debt, taking out additional equity out of your existing home in the form of a mortgage can achieve this.
An Ontario mortgage is a loan made to Ontario residents. Under the provisions of the loan, you borrow money from the lender and pay it back (including interest) over a set time period. In Ontario you can finance your mortgage through a chartered bank, mortgage broker, credit union, trust company, or other lenders.
The interest charged on a mortgage is called the mortgage rate. When you make a mortgage payment, part of it will go toward paying the interest, with the rest going towards paying your mortgage principal. Only the portion that goes towards your principal will reduce the balance of the mortgage.
Mortgage rates in Ontario vary across lenders. There are dozens, if not hundreds, of different mortgages to choose from. Therefore the decision regarding which mortgage to go with can be quite overwhelming and shopping around becomes increasingly important. The Kanetix.ca mortgage rate comparison service takes the stress out of the mortgage acquiring process by doing the shopping around on your behalf! We compare Ontario mortgage rates across several brokers and lenders, making it easy for you to choose the best mortgage with the lowest mortgage rate. You will also not see any posted rates on our website. These are rates that are generally advertised by lenders and are on the high end of what these lenders are able to offer. The mortgages rates shown on Kanetix are special discounted rates, yet another feature which helps us provide great service to our Ontario customers.
We are partnered with some of the biggest and best known mortgage brokers across Ontario. These partnerships allow us to feature great rates to our Ontario customers. Once you're ready to secure a rate online, simply complete our quick online application or give us a call and one of our experienced partner mortgage agents will help you obtain the necessary mortgage and make owning your dream home a reality!
Aside from the mortgage interest rate, it is also important to consider the type of mortgage that best suits your needs. Is it a variable rate mortgage, fixed rate mortgage, closed mortgage, or an open mortgage? A fixed mortgage has a set mortgage rate. Alternatively, a variable mortgage has a rate that is adjusted with the prime lending rate and could change throughout the term of the mortgage. Whether you select a fixed mortgage or a variable mortgage for your Ontario property will depend on various factors: your risk tolerance, current level of interest rates, expected future mortgage rate changes and the difference between variable and fixed mortgage rates.
Mortgages can also be open or closed. While you can pay off an open mortgage at any time, a closed mortgage has pre-payment restrictions. If you pay more than the permitted amount on a closed mortgage, you would incur a penalty. However, pre-payment restrictions on closed mortgages are not as limiting as you might think. You still have the flexibility of increasing your monthly payment up to a certain percentage and making lump sump payments up to a maximum percentage of your mortgage amount in a given year. Due to these restrictions however, closed mortgages tend to have lower mortgage rates relative to open mortgages. Whether you choose a closed or open mortgage will depend on your anticipated cash flows and expected future payment behaviour. It is generally only recommended to go with an open mortgage if you are expecting to take advantage of its pre-payment privileges.
Try the Kanetix.ca online mortgage rates comparison service today to browse the best Ontario mortgages, Ontario mortgage rates, Ontario mortgage lenders, Ontario mortgage brokers and Ontario mortgage deals.
In Ontario, and the rest of Canada, depending on how big of a down payment you make when purchasing a home or how much equity you have in your property when refinancing determines whether you would qualify for a conventional or high ratio mortgage. If the loan-to-property value is greater than 80 per cent (down payment/equity to property value less than 20 per cent) then you'd have to go with a high ratio mortgage. If the loan-to-property value is less than 80 per cent you'd be able to go with a conventional mortgage. The difference between the two types of mortgage loans is that mortgage default insurance has to be paid on all high ratio mortgages while it's not necessary for conventional mortgages. This insurance is meant to protect the lenders in case of borrower default. The cost of the insurance generally ranges between 1.75 per cent and 2.75 per cent of the mortgage amount depending on the size of the down payment/equity and is added to the total mortgage amount. For more information please see the following websites of the companies that provide mortgage default insurance in Canada: Canada Mortgage and Housing Corporation, Genworth Capital, and Canada Guaranty Mortgage Insurance.
Low rates should not be the only deciding factor when comparing mortgages. The following features should also be taken into account:
All of the mortgage products listed on our website have full descriptions of features. Try out our mortgage rate comparison service today to find the best mortgage rates in Ontario!
While shopping around for the best mortgage rate you'll encounter not only a wide variety of rates that vary across lenders but also across products, variable vs. fixed, closed vs. open, etc. There are a couple more factors that certain lenders take into account when setting rates that you should be aware of.
It is important to be aware of all factors that could have an affect on a rate you receive from an Ontario broker or mortgage lender. It is however important to be honest and provide accurate information in order to ensure a seamless mortgage approval process.
If you're an Ontario resident, you can use our mortgage rate comparison service to browse mortgages, secure rates, and get approved for Ontario mortgage loans through a secure and simple application process.
Kanetix works with some of the largest Ontario mortgage brokers to bring you the best mortgage rates in the market. Browse our competitive rates and if you're ready to proceed with securing a rate, one of our partner mortgage brokers will be happy to assist you with your mortgage needs. Dealing with mortgage brokers provides peace of mind to consumers since these are accredited professionals who know the ins and outs of mortgage approval and financing.
Looking for Toronto mortgage rates or Ottawa mortgage rates? Or perhaps mortgage rates in Mississauga, Scarborough, Oakville, Burlington, Hamilton, St. Catharines, Brantford, Niagara Falls, 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 broker and bank Ontario 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 in Ontario today at Kanetix.ca.
Existing home sales are expected to moderate during the remainder of 2012 due to tighter mortgage market conditions. However an improving job market and low interest rates should help maintain existing home sales near recent year highs in 2013. Overall price growth should slow down.
Housing starts will continue growing for the rest of 2012; it's expected to, reach 75,100 starts, before cooling in 2013. Overall housing activity is expected to hold up better in northern and southwestern Ontario communities.
Mortgage rates are expected to remain low in the short term. For the rest of 2012, the one-year posted mortgage rate is expected to be in the range of 3.2 per cent - 3.4 per cent. The five year posted mortgage rate is expected to be in the range of 5.2 per cent - 5.3 per cent. For 2013, the one-year posted rate is expected to be in the range of 3.5 per cent - 4.2 per cent and the five-year posted rate is expected to be in the range of 5.1 per cent - 5.4 per cent. The higher forecasted rates in 2013 reflect more solid economic growth expectations in 2013.
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