Determining what the best current mortgage rate Canada for your situation can be a difficult task. There are many different types of mortgage current rate options that you can choose from including fixed and variable mortgage options. There are also a number of hidden fees that you may not be aware of such as any legal costs and appraisal fees which can increase the total cost of a current rate mortgage Canada.
Look beyond the lowest interest rate that you may be offered to find out if there are any other fees that could drive up your overall cost of borrowing, you may find that the lowest interest rate is not the best deal for you. Another important factor that you should consider is whether to choose a variable or fixed current mortgage rate in Canada.
A low variable current rate mortgage reduces your cost of borrowing and therefore your monthly payments, you may also have the option to pay off the mortgage at any time with little or no fees. The downside of this option is that if the interest rate goes up and you may be paying a lot more than you thought for your mortgage.
A fixed term current rate mortgage may come with a higher rate of interest than a variable current rate mortgage and the terms and conditions of the mortgages will be different. The reason many people choose a fixed long term mortgage is the certainty that they do not need to renew their mortgage every year and they will not be affected by fluctuations of interest rates during the term of the mortgage. This gives the borrower the ability to know exactly what the cost of the mortgage will be in the future and allows the borrower to plan a budget based on these costs.
The mortgage current rate is based on many factors including the trend setting Bank of Canada interest rate and economic activity within Canada. With all the various options related to a current rate mortgage you may require the services of a mortgage broker to find the best current rate mortgage Canada for you. In most cases a mortgage broker can get a mortgage at a better rate than an individual person could, since mortgage brokers have access to many different lenders and can choose the best deal for your particular situation. Give us a call and find out how much money we can save you.