Current Rates
Current variable mortgage rate is
5.05%
Current prime rate is
5.95%
-
- Terms
- Bank Rates
- Payment Per $100k
- Our Rates
- Payment Per $100k
- Savings
-
- 6 Months
- 7.89%
- $756.21
- 7.49%
- $730.93
- $25.28
-
- 1 Year
- 7.74%
- $746.69
- 5.74%
- $624.43
- $122.25
-
- 2 Years
- 7.34%
- $721.53
- 5.44%
- $606.90
- $114.63
-
- 3 Years
- 6.94%
- $696.72
- 4.64%
- $561.28
- $135.43
-
- 4 Years
- 6.74%
- $684.44
- 4.64%
- $561.28
- $123.16
-
- 5 Years
- 6.79%
- $687.50
- 4.44%
- $550.14
- $137.36
-
- 7 Years
- 7.10%
- $706.60
- 5.40%
- $604.58
- $102.02
-
- 10 Years
- 7.25%
- $715.92
- 5.80%
- $627.97
- $87.95
Lenders
Find Toronto Mortgagage
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Check our latest Mortgage Rates, and Apply for Home or Condo Mortgage in minutes.
After You submit your application, our dedicated mortgage specialist will call or schedule a zoom meeting with you.
When considering a mortgage, there are several factors you should look into to make an informed decision. Here are some key things to consider:
-
Interest Rates: Check the current interest rates offered by different lenders. Lower interest rates can save you money over the life of your mortgage.
-
Loan Term: Decide on the duration of the loan. Common mortgage terms are 15, 20, or 30 years. Shorter terms generally have higher monthly payments but result in lower overall interest payments.
-
Down Payment: Determine the amount you can afford to put down as a down payment. A higher down payment can lower your loan amount, potentially reducing interest rates and monthly payments.
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Loan Type: Understand the different mortgage types available, such as fixed-rate mortgages (interest rate remains the same throughout the loan term) or adjustable-rate mortgages (interest rate fluctuates over time).
-
Closing Costs: Inquire about the closing costs associated with the mortgage, which can include fees for appraisal, title insurance, attorney services, and more. Factor these costs into your budget.
-
Affordability: Analyze your income, expenses, and financial goals to determine how much you can afford to borrow. Consider your monthly budget and ensure that the mortgage payments fit comfortably within it.
-
Pre-Approval: Get pre-approved for a mortgage before house hunting. This helps you understand your borrowing capacity, makes you a more attractive buyer to sellers, and provides clarity during the home search.
-
Lender Reputation: Research and compare different lenders. Read reviews, check their reputation, and consider their customer service quality. A good lender can simplify the mortgage process and offer better terms.
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Additional Fees and Terms: Understand if there are any additional fees, penalties, or specific terms associated with the mortgage. Read the fine print and ask questions to clarify any uncertainties.
-
Professional Advice: Consider consulting with a mortgage broker or financial advisor who can provide guidance tailored to your specific situation and help you navigate the mortgage market effectively.
Remember, obtaining a mortgage is a significant financial decision, so take the time to compare options, read documents carefully, and seek professional advice when needed.
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