Popowich & Company Mortgage Rates
The following are the best current rates for standard mortgages and acreages.
*Rates are subject to change.
120 Day Rate Holds
You’re buying a property within the next 4 months
Acreage 120 Day Rate Holds
You’re buying more than 10 acres within the next 4 months
For more information on rates and different scenarios, please reach out to our team.
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How Do I Know What My Mortgage Rate Will Be?
Your mortgage rate depends on a few different factors:
The purchase price of the home (a purchase less than $1,000,000 allows for lower rates)
Your down payment (mortgages with less than 20% down payment or more than 35% down payment come with the best rates)
Your amortization (typically, amortization of 25 years comes with the lowest mortgage rate. Amortization of 30 years comes with a rate premium).
The current economy (When the Government of Canada bond yields increase, so do 5-year fixed rates)
The Bank Prime Rate, this is influenced by the Over Night Lending Rate
Your credit history (Credit scores over 680 allow you to obtain the lowest mortgage rates)
Mortgage type and flexibility (open mortgages come with higher rates than closed mortgages)
The best way to determine your mortgage rate is to fill out a mortgage application and start a mortgage pre-approval with Spire Mortgage Team.
Tips for Getting the Best Mortgage Rate
The mortgage rates you get will vary depending on a few things. Some are out of your control, like the economy and the Bank of Canada’s overnight rate.
That said, there are a couple of ways you can ensure you get the best rate possible:
Increase your credit score
Increase your down payment to 35%
Decrease your down payment below 20% (Note: this will require CMHC insurance)
Purchase a home under $1,000,000
Choose 25-year amortization
Choose a closed mortgage rate
Some of these things are easier said than done, but they do make a big difference. When banks choose a rate for you, they’re basing on the rate on the perceived risk of your mortgage file.
Essentially, you want to show the bank that you are likely to repay your mortgage loan. The best way to do this is having a good financial history, credit, and savings.
How to Shop for a Mortgage Rate
One of the easiest ways to shop around for a mortgage rate is to use a mortgage broker. Your broker will shop around and compare rates for you, so you can be sure you’re getting the best rate available without the hassle and the unnecessary credit hits.
Protip: if you use a mortgage broker, they can send one credit bureau to hundreds of lenders. If you walk through the doors of each bank individually, they will each require a separate credit hit. This can hurt your credit score and increase your chances of ending up with a higher interest rate at the time of approval.
When comparing mortgage options, don’t just look at the rate. While the rate is important, looking at the mortgage terms is also important. Mortgages with more features or flexibility often have higher rates, but it could be worth it to avoid paying fees and penalties in the future. At Spire, we always walk clients through the cost to get INTO the mortgage and the cost to get OUT OF the mortgage. Don't forget to consider both sides of this equation.
The Best Advice for the Best Mortgage Rates
Navigating mortgage rates can be daunting, but you don’t have to make mortgage decisions on your own.
The mortgage brokers at Spire Mortgage are equipped to help you choose the best mortgage for your unique financial situation, including the best rate and term.