Mortgage Rates in Ottawa
When it comes to today’s mortgage rates, Borrowing Made Simple is dedicated to providing prospective homebuyers in Ottawa with more choice and lower interest.
We act as an intermediary between you and the most reputable lenders in Canada to deliver the best-value current mortgage rates on the market.
Call us today to schedule an appointment with one of our friendly consultants.
What Is a Mortgage Rates?
Ultimately, a mortgage rate is very straightforward: it is the rate of interest you will pay on your mortgage loan. However, determining your mortgage rate becomes a more complicated process because it is dependent on several different factors, namely, your term length, and whether you opt for a variable, fixed, open, or closed mortgage.
Additionally, your credit score and the size of your down payment can positively or negatively affect your mortgage rate. A loan applicant with an exemplary credit score and a large down payment will likely qualify for a lower rate of interest.
What Is the Difference Between Variable and Fixed-Rate Mortgages?
One of the biggest considerations when choosing a mortgage is whether you will opt for a variable or fixed-rate mortgage. A variable mortgage is one where the amount of your monthly payments is subject to change each year based on the market. Generally, most people end up paying considerably less overall for their mortgage with variable rates. However, they must be financially secure enough to accommodate higher payments for some periods throughout the term.
For those who prefer a more stable payment plan, a fixed-rate mortgage is an ideal choice. With a fixed mortgage rate, you lock in the amount of your monthly contribution, and you can rest assured it will remain consistent until you’ve paid back your loan in full.
Are you struggling to decide between a variable and fixed-rate mortgage? Our seasoned team of mortgage planning specialists would be happy to assist you. We can walk you through the pros and cons of both options so you can make an informed decision with confidence.
Should I Get an Open or Closed Mortgage?
An open mortgage offers greater flexibility for making payments on your loan outside the pre-set regular contributions in your contract. While they typically come with higher interest rates, open mortgages are an excellent choice if you anticipate paying large sums to your loan in addition to your monthly payments. Closed mortgages, on the other hand, have lower interest rates but more restrictions on your payment schedule.
Ultimately, there is no clear-cut answer as to which type of mortgage is better—it depends on your particular financial situation. Our team of professionals will assist you in selecting the best mortgage for your needs. Drawing from our years of industry expertise and extensive lender network, we’ll work tirelessly to get you the best mortgage product at the most competitive rate because your best interests are at the forefront of everything we do.
Canada Mortgage Rates
At Borrowing Made Simple, we understand that shopping around for mortgage plans can be a time-consuming, stressful process. That’s why we do all the hard work for you. We carefully select our products from our far-reaching lender network to offer you all the best options, all in one place.
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