Canadian Western Bank
XMC Mortgage Corporation
Most people are motivated to seek out the lowest mortgage rate possible when shopping around for offers. While the difference between rates may only be a fraction of a percent and sound negligible, this can translate into thousands of dollars in savings over the lifetime of your mortgage loan.
The mortgage rates offered to you by a lender are dependent on a number of factors, such as the purchase price, your down payment, amortization and your credit score. Lenders use this information to assess how likely you are to repay your mortgage loan.
The purchase price and your down payment will determine how much you need to borrow, which in turn impacts your mortgage payment. You can see the effect of your down payment amount and mortgage rates on our rates page.
The mortgage amortization is the period of time over which your mortgage will be paid off. The longer the amortization period, the more interest you’ll pay on the loan. The most common amortization period in Barrie, Ontario is 25 years. The most common mortgage term is five years.
Your credit score is used to assess your creditworthiness, in other words, how risky it would be for a lender to lend you money. Your credit score changes over time, as your credit report gets updated. Those who can manage credit responsibly and make their loan payments have a higher score. In general, you are more likely to get a lower mortgage rate if you have a higher credit score. Those with lower credit scores tend to receive higher rates.