Three Things about Today’s Mortgage Rates You Should Know
If you’re interested in Canadian mortgage rates today in 2014, you may be in for a few surprises. While the typical mortgage interest rate in Canada is 3.26%, that kind of low rate is not going to last forever. The best mortgage rates will always be a relative term. There are a number of differences in mortgage rates today that should be kept in the back of your mind anytime you sit down to hammer out a rate this year.
- Better Online Brokers
This coming year, there’s a good chance that you may end up getting the lowest mortgage rates Canada has to offer from an online broker. Even if you don’t, the sudden book in online brokers could do you a world of good anyways. More brokers means more competition. The more that everyone is forced to compete for your business, the lower the price you’ll end up paying when all is said and done.
- More Hybrid Mortgages
While the country has not seen the rapidly inflating mortgage rates that many noteworthy economists and government analysts have been predicting, that doesn’t mean that they will never come. Because people have been hearing these rumors are so long, they’ve started to lose faith in traditional mortgage deals. Many are gravitating over towards hybrid mortgages. These mortgages are one part variable, and one part fixed.
- Lots of New Rules
While there are new rules in the mortgage industry every year, 2014 is set to have a good amount going into effect. These rules are largely designed to reduce risk for the government, default insurers and the mortgage lenders. This will of course make it more difficult for the average individual to qualify for mortgage rates today.
It’s never a smart move to play the game without knowing the rules. The same goes for attempting to get a new house or mortgage. The more you learn about the industry, the better your odds will be of successfully navigating the jungle of low mortgage rates until you find something fitting. More like this blog.