If you're looking for mortgage rates and you want the best service Windsor has to offer, KANETIX is the answer for you. We are unique in that no other mortgage website in Windsor allows you to compare the best mortgage rates and then secure them while you acquire your mortgage online. Whether you simply want to browse through the information we have to offer, or you want to comfortably secure a specific rate using your computer, KANETIX simplifies the process for you. Our free comparison service will walk you through the lowest, most competitive mortgage rates at no cost! If you want to see rates for different mortgage products offered by different mortgage lenders and brokers, our service is the service for you.

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A variety of lenders and brokers come together to offer you low Windsor mortgage rates.

Browse through our mortgage information centre, where you will find an abundance of mortgage related resources. Our articles range from in-depth analytics about housing trends in Windsor, to recent news articles that discuss how the Canadian housing market is affected by new mortgage rules, to helpful information about the distinctions between mortgage insurance and life insurance. You can also check out our mortgage glossary in case you come across any terms that you are not familiar with.

How is KANETIX unique?

  • A variety of mortgage lenders, brokers, and products are available to you
  • Windsor's best rates
  • Secure a mortgage certificate without leaving your house
  • Business will be done quickly, safely, securely, and without cost
  • We give you the ability to secure and purchase a mortgage online
  • You are equipped with competent and experienced Windsor mortgage agents at our partner mortgage brokerages

What is a Windsor mortgage?

Windsor is among Canada's most prosperous provinces when it comes to its economy, its standard of living, and its quality of life. It is no surprise that Windsor has become a popular choice for the province in which a large amount of Canadians buy a home for the first time. The difference between the down payment on the house and the purchase price is the mortgage; a mortgage is also a method that some people from Windsor use to take out equity from the home in which they currently reside, in order to renovate the home or pay off debt.

You can purchase a mortgage in Windsor from the following: a chartered bank, credit union, mortgage broker, credit union, or other lenders.

A mortgage rate describes the interest that is attached to the mortgage loan. Some of the payment that you make on your mortgage is applied to the loan's interest, while the rest is applied to the principal amount, or the mortgage balance.

Mortgage loans in Windsor: Important information

Knowing what a mortgage rate is, it is logical to try to find the lowest rate possible. However, there are other factors to consider:

  • Rate hold period - Longer rate hold periods protect you from rate increases.
  • Pre-payment limitations - Also known as closed-mortgages, these allow you to make annual payments at a certain percentage of the total mortgage amount. You also have the option to increase monthly payments. This gives you a bit of flexibility.
  • Amortization Period - This describes the time period during which you must pay the entire mortgage amount. Depending on your situation, a longer amortization period may give you some additional comfort.

Finding the best mortgage rate in Windsor

With KANETIX, you can easily compare Windsor mortgage rates from different brokers and lenders, which allows you to find the lowest rate and the best mortgage. We even provide a discount to Windsor residents!

Try our service and you will find competitive rates thanks to our partnerships with mortgage brokers in Windsor. All you have to do to secure your rate is fill out our brief, online application form, or call us to speak with one of our mortgage agents.

At KANETIX, we offer fixed rate mortgages, open mortgages, closed mortgages and variable rate mortgages for you to choose from, which you can classify by payment type, rate type, term, amortization and more. Take a minute to view broker and lender mortgage loans safely and at no expense!

We are prepared to help you with purchasing a first or a second mortgage, mortgage renewal, or mortgage refinancing. Use our Windsor mortgage calculator to see how different factors affect your payment.

Types of Windsor mortgages - Variable, Fixed, Open, Closed

It is important to look at interest rates, but it is also important to consider the type of mortgage.

  • Variable - the rate is adjusted with the prime lending rate
  • Fixed - the rate stays the same throughout the term of the mortgage
  • Open - for those who want to make pre-payments and pay your balance at any time
  • Closed - has some payment restrictions, and overpayment may yield penalties

Conventional vs. High Ratio mortgages in Windsor

Mortgages are also broken down by conventional versus high ratio loans. This has to do with the size of the down payment you offer when you buy your home. Unless your down payment is 20 percent of the property value or more, you will end up with a high ratio loan. This requires mortgage default insurance, which is typically 1.75 to 2.75 per cent of the total mortgage amount. This is required so that lenders are protected from borrower default.

Variables that affect the lowest mortgage rate in Windsor

When you look through mortgage rates, you will realize that different lenders and mortgage products offer varying rates. There are some personal factors that influence the rates as well:

  • Credit - your credit score may qualify you for different rate tiers
  • Timing - you may receive a discount for acquiring a mortgage within a defined time period

It is important to do your research and understand the factors that lenders keep in mind when it comes to mortgage rates. It always helps to be honest and provide accurate information so that your mortgage is approved.

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.

Windsor General Information

  • Population (2011) - 210,891
  • Median age of population (2011) - 40.1
  • Total number of persons in private households (2011) - 208,020
  • Total number of private households (2011) - 87,830

Mortgage Trends in Windsor Ontario

Residents who live in the beautiful Ontario community of Windsor have the ability to accurately state that they live in the southernmost Canadian city. Located on the southern tip of Ontario, Windsor is home to 210,000 residents and is considered to be included in the significantly developed area known as the Quebec City-Windsor Corridor. Those who have plans to buy or sell real estate in the coming weeks, months or even year may be reviewing mortgage trends and the real estate market in general in Windsor to determine when the ideal time to make a move is. It can be challenging to accurately time the market because numerous factors can affect the market in different ways; however, the good news is that the economic uncertainty and anxiety about the markets in other areas of the country are not prevalent in the Windsor area.

A Look at the Rest of the Country

Some real estate and mortgage experts who monitor mortgage trends and analyze real estate data in Canada are predicting that much of Canada may be poised to experience a significant crash in the real estate market in the coming months. This gloomy outlook is due to a wide range of factors that include high personal debt levels across much of Canada's big cities, slowing sales in residential real estate and excessive development of condos in large markets like Ontario. The concern that some experts have for much of Canada is that housing prices are too high, and eventually, the country will experience a major crash, similar to what occurred in the United States in 2008.

Why Windsor Is Insulated From The Rest of the Country

The good news for those who own real estate in the area or who are thinking about buying or selling Windsor real estate is that the area is fairly isolated from the real estate markets in major metropolitan areas like Toronto. According to real estate expert Frank Binder, "The economic forces that come to play in our area are purely local." In fact, the area's real estate market has been fairly stabilized and has proven that it is resistant to external pressures over the years. Property values in the area have been slowly but steadily rising in Windsor for months at a level that keeps pace with other market factors. Because of this, real estate prices are expected to remain affordable for new buyers. According to Binder, "Will we still be a good choice in terms of the affordability index? You betcha."

Home Prices in Windsor

In other markets across Canada, housing prices rebounded quickly from the economic decline in 2008, and they may have rebounded too quickly, according to some experts. In Windsor, housing prices have taken a steady climb upward while still remaining affordable. In April 2013, the average home price in Windsor was $174,396. Compare this to other major markets like Toronto where the average home price was $526,335 or Calgary where the average price was $429,717. Windsor has a reputation of having a very affordable housing. As a result, home sales in the area are hopping. In fact, according to the Canadian Real Estate Association, Windsor saw the strongest improvement in real estate sales out of 26 other large markets compared to the previous year.

Mortgage Trends in Windsor

Mortgage trends in Windsor are similar to those across Canada, and this is something that those buying or selling real estate in Windsor can benefit from knowing. Mortgage interest rates were close to 7 per cent for a five-year rate in 2007. Affected by a crash that gripped much of North America in 2008, the five-year rate and other rates for different mortgage programs dropped significantly and remained low for several years. Because the economy has been improving in recent months, rates have only recently started to increase again. In July 2013, the same five-year fixed rate saw an increase of about 20 basis points over rates for June 2013. Rates are projected to continue to be rather affordable but to slowly rise over the next year or two. This trend in Canada will spread into Windsor. In some markets with higher priced real estate, this rise in rates may apply downward pressure to home values and sales.

However, because Windsor's real estate prices are so affordable, the still-low interest rates present may encourage buyers who otherwise would have looked at real estate in other markets to purchase real estate in Windsor. In this way, rising real estate mortgage rates may actually encourage a greater number of sales in Windsor in the coming months.

What to Expect Going Forward

Windsor is a unique market, and projecting what the market may do in this area is not as simple as analyzing data taken from large markets across the country. According to Doug Porter, Chief Economist at BMO Capital Markets, "Windsor is coming back from very low levels, so it can forge a bit of different path from what we're seeing in the rest of the country." With all of the data from Windsor analyzed, it is clear that those who have plans to buy or sell property in the local area should not be motivated or discouraged by real estate news from the rest of the country. Instead, they should focus an analyzing current market data and reviewing how the local market has fared historically. Windsor's real estate prices are very low compared to other areas of the country. This, coupled with the fact that slowly rising interest rates may drive additional buyers to the area, means that demand for real estate in the area is expected to rise in coming months.

Whether a property owner has plans to buy or sell real estate in Windsor, they will be pleased to know that the market is not expected to experience a crash that some experts are predicting for other markets. Instead, the market is anticipated to slowly but steadily improve over the coming months. This stability in the market is good news for buyers and sellers alike.

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