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Canadian Mortgage Rates
Buying a house in Canada or even having your home refinanced or renewed may seem like a painful or
arduous task, but this really isn’t the case. The fact is that Canada is expanding in population and many
businesses have been already working for years in getting affordable and comfortable homes
developed throughout the greater part of Canada and finding Mortgage Rates. Although it may be easy
to lose your head, buried under a pile of interest rates and
estimates, with a level head and a general understanding of the
market, it is actually easier than it looks to come out on top with a
beautiful home with a low interest rate. Here are few tips that will
greatly come in handy when comparing Canada mortgage rates
regardless if you live in Ontario, Yukon, or Nova Scotia. Mortgage
Rates Canada can be obtained within your budget if you do your
1.) Nothing is free- Although many businesses may state that they are enlisting their services or
selling their product purely for your benefit, regardless of what it does to their wallet. The truth
in this statement is that the best business is honest business. Offering the best products or
services available along with excellent customer service is both a time honored and proven to
be the most successful strategy of business. That being said, nothing is free. That is to say,
there are no free mortgage loans. The key is to decide which is best for your financial needs,
loans with higher interest rates and low points or loans with lower interest rates and higher
2.) Never pay more than necessary- In almost every scenario, it is unnecessary to pay more than 1
to 1 ½ points to any lender. Paying two points to a lender is the absolute max you should ever
pay, but this is only if you have bad credit or an exceptional interest rate that cannot be
competed with. There really shouldn’t be any scenario where you should pay more than two
points. If this is asked of you, it should immediately wend up red flags.
3.) Utilize the APR (Annual Percentage Rate)- When comparing Canada mortgage rates, the APR is
your best friend. This is the device that can truly save you from making a bad decision that
looked like a good decision to make at the time. The APR compares interest rates, points, and
fees between lenders over the course of a year, rather than the typical monthly comparisons.
This is great because it gives insight as to the general fluctuation of rates and fees that lenders
have throughout the year. However, the best way to keep up with current trends in Canada
mortgage rates is by using monthly comparisons like on comparasave.com, a great website for
comparing mortgage rates in Canada.