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 Hamilton, 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.
|Access to multiple mortgage products from a wide variety of lenders||Allow you to consolidate your services and possibly offer discounts for bundling products|
|Possibly offer mortgage rates not available on the market||Only have the ability to offer their own mortgage products|
|Provide personalized, independent advice||May offer a discount on their posted mortgage rates, which you will be responsible for negotiating on your own|
|Will help you negotiate for a better rate||Bank mortgage specialists are not required to be licensed|
|Must be licensed and are required to take continuing education to upkeep their license|
When you initially get a mortgage in Hamilton, Ontario, you are committing to a mortgage term. This mortgage term can vary in length — anywhere from a few months to five years, or longer. When your mortgage term comes to an end, you can choose to renew your mortgage with the same lender, renew with a different lender offering more favourable terms, or pay your mortgage off in full.
It’s best to shop around a few months before your mortgage renewal, and see what other lenders can offer. You don’t have to wait until you receive a renewal letter from your lender to see what other mortgage options are available.
A mortgage refinance is when you are breaking your current mortgage and starting a new mortgage, either with the same lender or a different one. Refinancing can help you take advantage of a better mortgage offer, unlock equity in your home, or to consolidate your debt. When you refinance, you will need to pay penalties (fees) to break your mortgage. The penalties will vary based on the lender, so it’s important to understand how to calculate these fees before you move forward. From there, you can make an informed decision whether it’s financially beneficial for you to refinance.
Perch can help you decide if it makes sense to refinance your mortgage in Hamilton, Ontario. Our mortgage penalty calculator helps you calculate the costs of breaking your mortgage. When you set up an account with Perch, we’ll automatically monitor the mortgage market and let you know when there’s an opportunity to save money by switching mortgages. Perch can calculate the difference between your mortgage penalty costs and the amount of money you could save with a lower mortgage rate, and tell you exactly how much money you can get back.
TIPS + TRICKS
Starting in 2019, Canadian first-time home buyers were able to apply for a special incentive.
BUYING + SELLING
We break down the entire home buying process step-by-step.