Low Mortgage Rates

Securing a Low Mortgage Rate

Though a host of Canadian websites, mortgage brokers, banks and lenders may advertise low mortgage rates, it is important to investigate that A. these low mortgage rates will apply to you and are current, and B. that these low mortgage rates come with the terms, options and flexibility that will save you incrementally down the line.

Low mortgage rates are often advertised to entice potential clients to call in or submit an online inquiry to find out more. This sales method is termed the bait and switch. Upon inquiry, the client will discover that the low mortgage rate posted does not apply to them or was only available for a limited time. The mortgage company will then attempt to offer another mortgage product than that which was initially advertised.

In the hunt for low mortgage rates, also take notice of the company’s longevity and reputability. Is this mortgage company approved by the Better Business Bureau? Can you find client testimonials? How long has the mortgage company been operational in Canada? Have you compared these low mortgage rates with the low mortgage rates offered by other mortgage brokers or financial companies?

Now that you have found the low mortgage rate you are looking for, and have inserted this rate into an online mortgage calculator to confirm the monthly payments are within your budget, it is time to ask what this low mortgage rate offers in terms of flexibility and options.

Does this low mortgage rate also afford pre-payments? Is this low mortgage rate portable if you should sell your home? What are the penalties associated with this low mortgage rate should you break the term or resell your property?

The ability to make pre-payments without penalty or change your payment schedule into an accelerated bi-monthly can save you substantial funds that would be going to interest overtime, and help you to cut down the overall duration it will take you to pay down your mortgage.

A mortgage broker is a professional mortgage rate shopper. They will comb the lending market on your behalf to find you the lowest mortgage rate available that meets your criteria and provide you the options and flexibility that will save you major funds in time.

To determine the truest low mortgage rate in Canada you must also weight the options this rate affords, and select the best mortgage option accordingly.

^* Mortgage interest rates are subject to change without notice at any time. Some rates may be subject to minimum credit score, loan amount and may only be available certain lending areas. A quick closing loan condition may be required. Does not apply to preapprovals. Contact CanEquity for details. Although every attempt is made to ensure the accuracy of our website, the above mortgage information should only be used as a guideline and CanEquity makes no guarantees on any rates shown. CanEquity Mortgage always recommends that you consult a mortgage broker before making a decision. For any mortgage related questions or to speak to one of our mortgage specialists, please call 1-888-818-4262. CanEquity does not guarantee to have the lowest rate in Canada. We do make every attempt though to find the best mortgage deal possible for all of our clients.

^§ Our mortgages are only available to Canadian residents or foreigners purchasing property located in Canada.