Canadian Mortgage Rates

Canadian Mortgage Rates



Canadian Mortgage Rates
In today’s market,​ renters and even homeowners in​ Canada are seized by the​ desire to​ save enough funds for down payments .​
The reason is​ simple .​
Canadian mortgage rates are going down and real estate prices are in​ full swing.
To cover the​ heavy demand for more mortgages,​ lenders have adapted flexible techniques,​ like lowering down their Canadian mortgage rates and coming up with new products all the​ time.
A traditional Canadian mortgage rate would be a​ loan requiring the​ buyer to​ put down 20 per cent of​ the​ property’s value in​ cash .​
Such a​ Canadian mortgage rate requires a​ big amount of​ money but the​ benefits are great.
Look around for low Canadian mortgage rates
Shopping around the​ Canadian mortgage rate market can cut down your down payment costs .​
With a​ little research,​ buyers can even access the​ posted Canadian mortgage rates and interest rates of​ large banks and get them for less,​ about one percentage point or​ sometimes more.
For instance,​ the​ Canadian brokering company in​ Montreal,​ Multi-Prets Hypotheques is​ currently offering their customers a​ five-year Canadian mortgage rate of​ 5.1 per cent .​
This is​ low compared to​ other banks posted Canadian mortgage rate of​ 6.5 per cent .​
This allows consumers to​ save thousands of​ dollars in​ Canadian mortgage rates and interest rates alone over the​ life of​ their loan.
Lower down Canadian mortgage rate with CMHC loans
Another way to​ lower down Canadian mortgage rates and minimize the​ amount of​ cash you​ put down is​ to​ get a​ Canada Mortgage and Housing Corporation (CMHC) insured mortgage .​
a​ CMHC-insured mortgage can reduce the​ Canadian mortgage rate and down payment to​ 5 per cent .​
That Canadian mortgage rate is​ 20 per cent lower than traditional mortgage loans.
With a​ CMHC-insured mortgage,​ you​ get a​ loan that is​ like most other loans except that you​ get insurance from CMHC on​ the​ additional loan amount,​ which is​ the​ difference between the​ traditional 25 per cent Canadian mortgage rate and the​ actual payment you​ put down .​
Getting a​ CMHC insurance involves only a​ one-time payment with Canadian mortgage rates varying between 1 per cent and 3.25 per cent of​ the​ total loan,​ depending on​ the​ amount of​ cash put down.
Low Canadian mortgage rates with non-standard mortgages
Reducing your Canadian mortgage rate can also be achieved by opting for non-standard mortgages .​
Aggressive financial market players like Toronto’s Xceed Mortgage Corporation offer incredibly low Canadian mortgage rates and minimum down payments.
Getting a​ non-standard mortgage is​ perfect for people who have large earning powers but few capital resources .​
Because they have few assets to​ back them up,​ lenders might up their Canadian mortgage rates when they apply for loans .​
For instance,​ an​ entrepreneur whose assets are mainly invested in​ her business wants to​ apply for a​ loan .​
Her chances of​ a​ getting a​ low Canadian mortgage rate for a​ traditional loan is​ less compared to​ getting a​ reduced Canadian mortgage rate from a​ non-standard mortgage.
Lenders of​ non-standard loans will cover the​ entire purchase price of​ your house,​ leaving you​ to​ save a​ lot on​ high Canadian mortgage rates and a​ large down payment .​
However,​ lenders will only provide financial backing if​ your total monthly financial commitments (debt,​ interest,​ taxes,​ etc.) are no higher than 40 per cent of​ your monthly income.




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