How to Make Most of the Current Residential Mortgage Rates Ever!

During this pandemic time, Canadian House Prices are likely to decline for both commercial and residential homes! As per the rules of the current Federal Government of Canada, it's necessary for you to get clearance on mortgage qualification, pre-approval, and mortgage stress test in connection to trustworthy lenders and brokers. Market research and trends have shown that today many people look for current residential mortgage rates (2%-4%) in Canada to get their dream home with the help of mortgage lenders and brokers trending today. Wondering, what's the reason? In June, a uncertain thing happened in Canada: a credit union set its 5-year fixed rate at 1.99% for certain mortgages, the first time a lender has dropped the rate below 2% for Canadians. There are many more reasons that will make you wonder why people are looking for current residential mortgage rates.


Which are the Top Tidbits to Uncover Getting of a Home Under Current Residential Mortgage Rates in Canada? 

Buy Now, Pay Less

Even small rate drops can make a big difference for people looking to enter the housing market. It's always better by your side to get a new home under low mortgage rates in connection to mortgage lenders. It's best by people to have an eye on mortgage lender interest rates too. It will overall help you decide to get a new home.  

Break the Loan Structure

With technology getting digitized with each passing day, many people are looking for a new home with the best loan structure. Today, these loan structures are prepared under the federal government guidelines that promote the sense of trust and allocation to grab a better home structure.  

Look for Fine Prints 

  • How is the penalty calculated if I want to pay out early?
  • If I paid it off early, are there additional fees or charges on top of the penalty fee?
  • Is the rate portable to a new property if I sell my house within the five-year term?
  • How much extra can I pay down every year? Some mortgages have restrictions on that.
  • Can I pay biweekly instead of monthly? Doing so lets you make two extra payments per year.

Wrapping Up  

If you, as a financial enthusiast, are looking for more information on current residential mortgage rates in Canada, never hesitate to connect RateShop.ca! Recognized by CMP, they stand as “Top Independent Brokerages in 2020” to seek information on current mortgage rates from different banks and credit unions.


Location: Mississauga, ON, Canada

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