Finding The Lowest Mortgage Rates

By Author: Purvi Palan
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Mortgage rates in Canada have managed to remain low for quite some time. But the Canadian government has recently taken steps to control consumer debt. One of the steps taken has been to reduce the maximum amortization from thirty to twenty five years.

Mortgage rates in Canada have managed to remain low for quite some time. But the Canadian government has recently taken steps to control consumer debt. One of the steps taken has been to reduce the maximum amortization from thirty to twenty five years. This has induced home buyers across the country to search for the best mortgage rates that are on offer. After all, even a minor reduction in the rate can result in the borrower saving quite a bit of money. For instance, there are many people who wonder if they should choose the fixed option or the variable option.

The fixed option works well for borrowers who want to enjoy the security of knowing exactly how much they are required to pay every month. The interest percentage remains unchanged for the entire duration of the loan under this option. However, if the cost of borrowing a loan were to decrease then the borrower ...
... will not be able to avail of the benefit. That is why many of them seek the variable option. The fluctuations under this method make it risky, but it also means that borrowers stand to gain when the cost of loans tilt in their favor.

So how does one come to know which agency offers the lowest mortgage rates. There are firms which conduct this research and publish the answer for the benefit of the borrower. Some of these sites are independently owned and operated. The service providers play an invaluable role in connecting borrowers with a good mortgage broker. Borrowers are able to benefit from various tools offered on these sites that allow them to make an educated decision. The publishers make sure that the site is constantly kept updated with the latest information. These sites do not simply benefit borrowers. They are valuable for the brokers and agents as well.

Agents can maintain and update their profiles on these websites. Generating leads and getting new customers is an arduous task at the best of times. When the market outlook is grim, this work becomes even more difficult. These platforms enable borrowers to approach agents who offer the best packages. This saves the agent the trouble of trying to find customers on his own. The features on these sites are being updated all the time. The site owners try to add as many features as they can to make the life of both the borrower as well as the agent significantly easy.

One convenient tool that is offered on these sites is the mortgage calculator. It allows the borrower to calculate the amount that he is required to pay over the loan period. Using the calculations the borrower can determine the maximum loan amount that he can afford. Tools are also available to determine debt consolidation, refinance, tax amounts and penalties for prepayment. When there are so many options available in the market, it is essential to find the cheapest mortgage rates Canada. The best and cheapest packages help borrowers save thousands of dollars.
Resource: http://www.ratesheet.ca/