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What You Need To Know About Mortgage Rates In Hamilton

Mortgage Rates in Hamilton

Hamilton ranks among the top 20 places to live in the world. The city is Canada’s second largest city and is home to over 4 million people. Hamilton is a vibrant melting pot of culture, arts, commercial activities, and it has some of the world’s architectural masterpieces.

Are you planning on becoming a homeowner in Hamilton? Now is the prime time to buy any property in Hamilton going by the prevailing low mortgage rates and the cheaper cost of housing. While it is common knowledge that most people who buy houses in Canada finance the purchases with mortgages, many intending homeowners are not aware of some essential aspects of mortgages. The mortgage rate is arguably one of the most important factors to consider before taking a mortgage, and we will discuss the mortgage rates in Hamilton in this piece so that prospective homeowners in Hamilton can make informed choices about their mortgage financing in Hamilton.

Types of Mortgages
If you intend to take a mortgage to finance a Hamilton property, you have two broad options which include a fixed mortgage rate or a variable mortgage rate.

Fixed Mortgage Rates

If you took a fixed rate mortgage, you would pay the same amount of money for the duration of your mortgage term. This creates some level of security, as you are protected from rate fluctuation, although you pay a premium for this security. According to available statistics from RateHub, the aggregated fixed rate mortgage in Hamilton are 2.54%, 2.79%, 2.84%, 2.89%, and 2.89% for 1, 2, 3, 4, and 5-year term mortgages. The Bank of Hamilton fixed rate mortgage for 3 and 5-year terms are 3.19% and 3.39%, while True North Mortgage offers the least rate at 2.84% for a 5-year fixed rate mortgage in Hamilton. Even though a fixed rate mortgage guarantees there will be no hikes in your payments, you might still need to pay for some additional charges such as legal fees and processing fees.

Variable Mortgage Rates
A variable rate mortgage, as the name implies, is a mortgage in which your monthly payment varies with the fluctuations of your mortgage provider’s prime lending rate. A variable rate is stated in the form of prime rate plus or minus prime rate. What you pay will be set at the prime rate of the lender plus or minus the stipulated variance. Historically, variable rate mortgages are more affordable than fixed rates, but they don’t provide the stability of the fixed rates because what you pay is determined by the behavior of the lender’s prime rate. At present, the aggregated variable rate for a 5-year term is 2.15%. BMO has a 3.10% variable rate for a 5-year term while True North Mortgage offers the lowest variable rates at 2.05% for a 5-year term variable rate mortgage.

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Compare Hamilton Mortgage Rate Types

Before you decide on which option is best for you, make an appointment with a qualified Hamilton mortgage broker who can give you the right advice on the best course of action. Considering the pros and cons of each type of mortgage can help you save a lot of many in the years to come.

Fixed Mortgage Rates

Pros of Fixed Rate Mortgages

  • It protects from rate hikes.
  • Makes planning and budgeting easier.
  • Suitable for people with a limited source of income.

Cons of Fixed Rate Mortgages
  • It is more expensive than variable rates.

Variable Mortgage Rates

Pros of Variable Mortgage Rates

  • They are often cheaper than fixed rates.

Cons of Variable Mortgage Rates
  • They are unstable and can disrupt finances.
  • They can turn out to be more costly if the rates increase tremendously.

The preceding should help you when deciding on the type of mortgage to finance your home. An experienced mortgage broker will assist you with all the details of taking a mortgage. Remember that Hamilton is part of Quebec, and so if you want to become a homeowner, you might need to brush up your French to make things easier for you.

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Afton Jaskolski
2020-12-30

Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!

Davin Mills
2020-12-26

There are a lot of mortgage brokers in toronto to choose from, I was a bit intimidated by that. Don't regret I picked CMB, they took the lead and made sure to cover all the bases

Tracy Wilhoite
2020-11-21

I was renting an apartment for a long time and finally decided to take a big step - get a mortgage instead. Team at certified Mortgage Brokers laid out various options for me. The actual process went smooth and quick, happy with my new home.

Ryder Turcotte
2020-11-16

My wife and I decided to refinance our mortgage and started looking for a mortgage broker in Toronto. There were so many options, so you can imagine how overwhelmed we got! After talking to Leon we decided to proceed with Certified, didn't regret that decision once. They always gave useful recommendations, were attentive, and constantly in touch. And most importantly (for us) they helped us to save some money!!

Lucy Zimmerman
2020-11-11

Vita was great. Helped my son with all the paperwork and got him very good interest rate. On the closing date called to follow up if everything went fine. Quite a pleasant experience. I would recommend this firm for anyone who is looking a mortgage broker.

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