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Mortgage Rates

Frequently asked Questions:

Q: What are the most important terms of a mortgage ?

A: Borrowers are trying to find the best mortgage rates.  Canada mortgage rates are important, but so is the affordability of the mortgage payments, suitability of the mortgage for the clients, and the material risks of the mortgage being selected by the client.   The Financial Services Regulator of Ontario have a form called Understanding the risks of getting a mortgage and this would be a great opportunity to review it to help you get the right mortgage.

Q:  Will the exchange rate or canada prime rate affect the mortgage rates Canada ?

A:   Timing the mortgage rate for any professional is and educated guess, based on data, market predictions, and opinions.  Mortgage rates may be affected by a number of domestic or international forces.   Don't guess when you need to select a mortgage term, and remember that you need to determine your affordability.  Completing a budget is the best way to ensure that you can easily meet your monthly mortgage payments.  Try calculating what your mortgage payment would be if your interest rate were to go up 1.50% after your maturity to see if that can meet your budget too.    

Q:  Should I select a fixed rate mortgage or a variable rate mortgage ?

A:  Canadian mortgage rates are at their lowest levels in over 70 years.  Guessing on when the Canada Prime Rate will increase is impossible to time properly, and so again using a mortgage calculator to determine the monthly payments at rates 1.5% to 2.5% higher may help determine your risk level or comfort level.  I can't tell you when mortgage rate will increase, but the interest rates may surely go up one day.   Can you sleep at night if rates go up in two years by 2% ?    If not, locking in may be something you should consider.

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