If you’re thinking of buying a new home, getting a second mortgage or looking to re-finance your existing mortgage, you want to find the best rate possible. You also might be simply thinking of making it easy and apply for a mortgage at the local bank. But, how does the mortgage interest rates at your own bank really stack up to their competition? Interest rates may only vary by a percentage or two, but in the long term this could cost your thousands of dollars out of your pocket over the life span of your mortgage.
The best way to find the most competitive rates is to do some comparative shopping. The Internet makes that task simple, painless and easy to accomplish. There are many sites out there which can help you find and compare home mortgage rates in Calgary. Most of these sites are updated daily and some will even email results.
Some sites are very handy and provide up to date and current information not only on mortgages but also on credit cards, loans, insurance and investing information. Simply click on the appropriate tab and fill in all the information you can. For mortgages you might be asked to include the cost of the home, province you reside, down payment amount, the mortgage type, the mortgage term, amortization and the payment type. This allows you look at various mortgage scenarios until you find the right fit.
Here are a few sites you can use to help you in research:
• Ratehub.ca – Also another convenient site that let’s peruse what is available in you particular province. Simply scroll to the bottom of the page and select Alberta. This site will show you what the different rates exist for different types of mortgages, whether closed, or variable or open or closed, and will break the rates down into different terms be it a 1 year or a ten year term. If you see a rate which interests you, then click on the icon for more information. The site also provides a wealth of basic and more detailed information for both the novice and seasoned borrower.
• Ratesheet.ca – This is another handy site to help you locate the best mortgage rates in Calgary and see how they stack up to their competitors. The rates show vary from 1- 5 years. If you are looking for a particular term, then click on the menu bar at the right of the page for the term mortgage which interests you. The site also provides some valuable information on housing trends in the province so you are better informed on what is happening in the housing market throughout Alberta.
All of these sites provide handy calculators to help you find and compare the best mortgage rates in Calgary. Remember though that mortgage rates change on a daily basis so what interested you several days ago may no longer be available.
As always, if you don’t have the time to perform this research on your own, your best bet may be speak to a mortgage broker because they receive up to date rates from all the banks and lending institutions on a daily basis.
Photo by timparkinson
