What is the best mortgage rate now?
The following table provides with some simple rate information. Your case is always unique. So, the rate offered to you may be different.
| Term | Our Rate |
|---|---|
| 3 Yr Fixed | 2.84% |
| 5 Yr Fixed | 3.20% |
| Variable | 2.950% |
You may want to restate the rate question to – “what is the best rate I can get?” There is no way that I can tell you the best interest rate for a loan in general. Let me explain – say that you went to your friend and ask for five bucks, after a day you returned him the money. Usually you pay no interest. So, that was a zero interest loan. That was a loan - based upon good faith. Now, let us assume that Mr. Broke is in bad shape, due to a traffic accident. He was looking for a loan to treat his daughter in a hospital. All banks have declined to lend him money. A friend of his friend finally agreed to lend him some money at 18% annual interest. You can see that interest rate may vary from 0% to 60% (Maximum limit according to section 347 of Canadian Criminal Code). What is the rate you may get depends upon few factors like -
- Do you have a stable job?
- Location of the property?
- What would be the Loan to Value ratio?
- How is your relationship with the lender?
- How much is your credit score
- Length of your credit history
- If you got a solid co borrower or co signatory
- How Much do you make?
- How much down payment
- Fixed or variable rate mortgage
So, please let me know your situation to be able to best advice you for your needs. You do not have to pay for it.
Mortgage Interest rate
The chart above gives you an overall idea of how the rates are. But they can be very different based upon you needs and situations.