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Mortgage Rates in the GTA

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Mortgage rates can be used for a variety of reasons, but the most common is to finance or refinance a home. There are several types of mortgages to suit the unique needs of different borrowers. The mortgage rates the GTA has available depend on several factors, including the type of mortgage and variable factors that depend largely on the borrower. Learning a little about the different types of mortgages available will help you better understand the exact service that best benefits you.

 
Different Types of Mortgages

 
Deciding on which type of mortgage to apply for can be a little tricky for most people. You’ll be introduced to many new terms and different wording that makes shopping particularly difficult. These are some of the most popular types of mortgages available in the GTA:
  • Variable Rate Mortgage – this loan includes principal costs and interest. The terms are usually set in stone, but the interest rate can either increase or decrease. The difference in the interest rate is typically based on the prime rate.
  • Open Mortgage – these are typically given at higher interest rates due to the flexibility afforded through pre-payment options. With this mortgage, a portion or the entire mortgage is paid off anytime without penalties and is a great option for those who can pay off the mortgage in a short period of time.
  • Reverse Mortgage – this loan type is a reflection of the appraised value of the property. For a reverse mortgage, applicants are typically required to be in their late fifties and have considerable equity built up in their home. This can be an excellent opportunity for retirees to balance out their finances.
  • Convertible Mortgage – often beneficial for individuals looking to lock into a long-term agreement that includes current mortgage terms without suffering a penalty for making additional payments. A fixed rate for the duration of a specified term is applied to this short-term mortgage. These can usually be converted into long-term mortgages at any time.
  • Fixed Rate Mortgage –among the most popular in the GTA. With this loan type, applicants are able to lock down an interest rate for a time period starting at 3 months and lasting up to 25 years. Depending on the lender, borrowers can also qualify for certain payment options that will allow you to pay the mortgage off a lot quicker. The main appeal to this type of mortgage is that payments are consistent. The consistency of the payments allows the borrower to plan a budget far more easily without the fear of increasing payments that are possible through variable rate mortgages.
Mortgages can be an ideal solution to buying or refinancing a home, but understanding mortgage rates starts with a firm grasp of the different types of mortgages available. In order for a mortgage to be beneficial, it’s vital to find an affordable rate and reasonable lending terms that suit your personal needs. Questions or concerns in regards to obtaining a mortgage are best addressed by contacting a reputable and reliable financial service institution. By speaking with the finest in the business, a better understanding of the mortgage rates in the GTA brings you one step closer to a better financial standing.

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