Whether you are a first-time homebuyer, a veteran, renewing your mortgage or refinancing, looking for the best mortgage rates can be tedious and arduous. The free guides, services and professional advice provided by RateSupermarket.ca helps
customers save time, energy and money on their mortgages. With the easy to use website you’ll be able to find the best mortgage rates Ontario and all the other provinces have to offer.
Reports indicate that researching and comparing rates enable borrowers to lock-in the best deals. Even the Bank of Canada has stated that “those who shop around really do get better deals on mortgage rates.” By taking advantage of the advantage of the up-to-date information on insurance offers, money calculators, and
comparison services on RateSupermarket.ca you will find the mortgage that best suits your needs in no time.
Assess Your Finances
Before beginning your search, set a clear budget. As general rule, the total cost of your mortgage payment should not exceed more than 40 percent of your net income, this includes taxes, insurance, and extra fees. You should also get an estimate of your credit score, as this can affect your ability to get a loan and how much interest you will pay.
The Mortgage Affordability Calculator on RateSupermarket.ca is a simple tool that helps you determine your budget. By entering your income, monthly expenses, and debts, you’ll receive an estimate of how much property you can afford, the cost
of the mortgage, and the mortgage rate.
Types of Mortgages
When considering what type of mortgage to choose, evaluate your risk tolerance. The two types of mortgages, fixed rate and adjustable-rate (variable), are very different and which one you choose depends on how much financial stability you want. A fixed rate mortgage offers borrowers financial security because the
mortgage payment is set for a fixed term. An adjustable-rate mortgage (ARM) is a loan in which the interest rate changes. If the rate rises dramatically, you could end up owing more than what you borrowed. The guides on RateSupermarket.ca are designed to provide borrowers with detailed information on the types of mortgage rates as well as the difference between open and closed mortgages.
When you are ready to scour the market for rates, simply enter your information and preferences into the mortgage comparison tool on ratesupermarket.ca. You will instantly be able to view quotes from more than 30 of the top mortgage brokers, banks and credit unions in Canada. If you find a rate you like or have additional questions, ratesupermarket.ca makes it easy to speak directly to a mortgage
Speak to Professional
Comparing rates on your own is good, but it is always better to get a second opinion. Ratesuperaket.com can provide you with an expert advisor to help you navigate your mortgage rate search. The Mortgage Rate Outlook Panel divulges experts’ views on Canada’s mortgage rate trends for the month. You can also consult
a financial advisor by calling the toll-free number. An expert can help you evaluate your needs determine which type of mortgage best suits you.