What are the Best Saskatoon Mortgage Rates?
Our Saskatoon mortgage broker team at Your Mortgage Now find and compare Saskatoon mortgage rates for you !
The best mortgage rates are still at historic lows in 2016. The average 30 year fixed mortgage rates are still under 4%. With these rates, home ownership has never been more attainable. However, low mortgage rates are only one aspect of choosing a lender, we know finding the best rates is the first step , and we keep our website up today with Saskatoon’s best mortgage rates! Devin & Wes understand the home buying process can be nerve-wracking, but we aim to make it stress and hassle free for you!
Mortgage Interest Rates
There are generally speaking two main types of interest rate terms that you’re likely to hear when discussing mortgages:
• Fixed Interest Rate
• Adjustable Rate / Variable Interest Rate
Fixed Rate Interest
A Fixed rate interest mortgage is simply as the name suggests: the interest rate applied to the mortgage will not change for the length of the term agreed to. The length of that term will vary from , and be largely influenced by market conditions at the time the mortgage is taken out.
Fixed rate mortgages make it extremely easy to budget from month to month, safe in the knowledge that your mortgage repayment is fixed no matter what the current market conditions. The obvious up-side and down-side to a fixed rate mortgage is that you could be either a winner or a loser depending on what the interest rates do over the life of your mortgage. If you have a fixed rate at 8% for the life of your loan, but interest rates drop to 4%, you’ll still be paying the higher amount. But of course, the opposite can also hold true – should the interest rates rise over time, you’ll still be paying the lower rate.
Adjustable Rate / Variable Rate Interest
Adjustable rate or variable rate interest loans allow the mortgage lender to set the interest rate to whatever market conditions demand at any given time during the life of the mortgage. The attraction of variable interest rate mortgages is that you can benefit from any future drop in market interest rates, as you monthly mortgage repayments will be reduced to reflect the market changes. However, the opposite also holds true, that if the market decides it’s time for interest rates to rise, so too will your mortgage repayments. Make sure you fully understand the consequences of a variable interest rate loan if you are considering taking one out. If interest rates rise dramatically, you could find yourself in financial difficulties, so take the time to work out your repayments if the interest rates were to double at some point. At least then you’d have an idea of what your mortgage might end up costing you.
Mortgage Interest calculated: daily, bi weekly, monthly
The frequency of interest charged against your mortgage will have a major impact on the amount of money you end up paying back over time.
Generally speaking, the more frequent the calculation (daily), the better it is for you in the long run. Any payments to the mortgage take effect from that day, rather than at the end of the month if the mortgage interest was calculated on a monthly basis.
When looking at Mortgage interest rates, be assured:
- We choose the best rate from over 20 lenders across Canada
- We offer a 120 days low rate guarantee!
|Term||YM Rates||Bank Rates|
|Canada Qualifying Rate||%||%|
|3 Year VRM||%||%|
|5 Year VRM||2.35%||3.05%|
|1 Year Closed||2.29%||2.89%|
|2 Year Closed||2.09%||2.84%|
|3 Year Closed||2.49%||3.39%|
|4 Year Closed||2.49%||3.89%|
|5 Year Closed||2.69%||4.64%|
|6 Year Closed|
|7 Year Closed||3.79%||5.30%|
|10 Year Closed||3.84%||6.10%|
Rates are subject to change without notice.
For the most current rates in Saskatoon, call (306) 244-7755.