If you’re looking to get a mortgage in Canada, you probably know the importance of getting the best rate. After all, there are plenty of things that are more costly than what you’ll pay for your mortgage. When you want to get a mortgage, it’s essential to find the best mortgage rate. There are many different factors that can affect your mortgage rate and make it more or less expensive. We’ll take a look at some of them here and how they apply to people looking for mortgages in Canada.

The best mortgage rate is not necessarily the lowest possible interest rate on your home loan; instead, it’s about finding the right balance between risk and reward for you. Your mortgage term (the amount of time over which you’ll repay your loan) plays an important role here: if yours is relatively short, even a small difference in interest rates could mean thousands of dollars saved over time—but longer-term loans may be able to offer lower monthly payments thanks to fixed-rate terms or reduced down payments required by lenders who aren’t worried about their investment disappearing overnight if rates rise again unexpectedly.

Let’s get started:

• Head to best mortgage rate canada, where you’ll be able to compare rates from over 40 lenders across Canada, including big banks and smaller ones like ING or EQ Bank.
• Enter your home value and mortgage amount in the fields provided on the left side of the page and hit “Get Rates” in order to see what rate you qualify for based on your credit score and other factors (like if you want a fixed or variable rate).

What kind of mortgage you want?

If you have good credit and savings, it can be easy to secure a great mortgage rate. If you have bad credit or no savings, however, it’s unlikely that you’ll get approved for any type of mortgage.

It’s important to note that not all lenders use the same criteria when determining which borrowers, they will accept. While some lenders may be more lenient than others when it comes to borrower qualifications, most lenders do not allow borrowers with poor credit histories and little-to-no savings to qualify for conventional mortgages.

Your credit score and history with previous loans, including how many times you’ve been late on payments in the past year or so. If you have a short history of good payment behavior, lenders will consider this when deciding if they want to lend money to you for a house purchase or refinance.

Conclusion

With so many mortgage options available, it’s important to do your research and consult with a trusted lender when deciding which loan is right for you. Ratehub has been helping Canadians find the best rates since 2007.  We know how complicated this process can be, so we debunk myths about mortgages—like whether or not they are safe investments—and make sure all of our information is updated regularly by checking with industry experts and government agencies such as OSFI (Office of Superintendent Financial Institutions).