Best mortgage rates in Winnipeg

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 Winnipeg, Manitoba 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.

Whether you’re buying a home, renewing or refinancing in Winnipeg, Manitoba, mortgage lenders typically don’t care about the mortgage transaction type. The main factors that impact your mortgage rate will be the purchase price, your down payment, amortization and your credit score.

Manitoba residents are always looking for the best mortgage rates. The rates you’re offered can vary, as some areas will have more competition among lenders, which can benefit you as the customer. If there are many banks, brokers and credit unions offering mortgages in your area, this could result in slightly lower rates. Mortgage rates can also be impacted by housing demand in a particular region. Regardless of where you live in Canada, Perch can help find the best mortgage offer for you.

When you initially get a mortgage in Winnipeg, Manitoba, 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.

1. Your mortgage advisor will review your situation and discuss what mortgage options make the most sense for you. Ideally, you’ve already gotten pre-approved, so they’re familiar with your preferences.
2. The mortgage advisor will submit your application to the lender.
3. The lender reviews your deal and issues a commitment letter, which outlines what conditions need to be met for you to get a mortgage. If your application is rejected, you will need to either revise your application or go to a different lender.
4. The mortgage advisor will work with you to collect any additional documents to meet the mortgage commitment conditions in advance of your closing date. To be safe, you’ll want to fulfill all conditions at least 10 days prior to closing.
5. Once the mortgage conditions are met, the lender will then send the mortgage instructions to your real estate lawyer.

• Do you see yourself selling your property or otherwise breaking your mortgage during the length of your current term? If the answer is yes, you may want to go with a variable rate to avoid the higher mortgage break penalty fees that come with a fixed rate mortgage.
• Do you believe the Bank of Canada will set rates lower during the length of your mortgage term? If the answer is yes, you may want to go with a variable rate and have the option of locking in to a fixed rate later.
• Are you comfortable with fluctuations in your mortgage rate? If the answer is yes, you may want to go with a variable rate in order to maintain flexibility. While your monthly mortgage payment amount stays the same, you could have more or less of your payment go towards your mortgage principal when rates change.