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Higher Interest Rates Affect the Cost of Credit in Mississauga

At Certified Mortgage Brokerage Mississauga you will be given the best mortgage rates.

A decade of low-interest rates came to an abrupt end in 2017, a year in which fixed interest rates in Canada rose by almost 1%. This was the biggest annual rise in fixed interest rates in decades, and interest rates have been raised again in 2018.

Higher interest rates will affect the ability of many of the residents of Mississauga to buy the house of their choice as these rates are used as a basis of the dreaded stress test. Would be homeowners have not had to qualify for mortgages at rates as high as those applied in the stress test for the last ten years.

Mortgage applicants are always on the lookout for the best mortgage rates. None more so than now but beware do not be tempted by the cheapest rates available. Read the small print, or you could end up paying more than you bargained for.

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The Best Mortgage Rates May not be the Cheapest

The best mortgage rates may not always be the cheapest. The lowest rates often come with restrictions that can cost a pretty packet over time. Typically, mortgages are taken over extended periods and the loss of flexibility could have costly consequences.

Before signing the agreement consider the possible personal and vocational changes that could occur over the term of the contract and use this as a guideline for accepting or rejecting restrictions on the mortgage.

The best mortgage rate is the lowest rate that offers you, the borrower, the conditions and features that you want. Your Mississauga mortgage broker can do simulations for you so that you can evaluate the financial effect of penalties and restrictions against the projected interest rate savings,

Listed below are the conditions and restrictions that affect the interest rates. Prior knowledge of how they combine to affect the interest rates can help you to achieve a balanced contract,

  • The term of the mortgage – is an important determinant of interest payments,
  • Fixed or variable rates – Since interest rates are unpredictable many borrowers fix their interest rate over five years. If you can take the risk of higher interest rates you can negotiate variable rates at as little as prime less 1.25%.
  • The purpose of the investment – You will pay lower rates for the primary home than for you plan to rent out.
  • The Loan to Value Ratio – The higher the LVR, the more you’ll pay
  • The location – Properties in great locations carry less risk to the lender as he will easily dispose of it if the borrower defaults
  • Prepayment Restrictions – If you agree to prepayment restrictions you will pay less, but you will pay penalties for terminating early.
  • Portability – Even if you pay a bit more it is worth ensuring that the mortgage can be transferred to another home
  • Proof of income – If you can adequately prove your income you will pay less
  • Credit Rating – the better your credit rating the less you’ll pay.
  • Stress test failure – If you fail the stress test, your only alternative will be a private mortgage at higher interest rates.
  • Pre-approval – You’ll pay a little more for pre-approval.
  • Property purchase price of over a million dollars attracts higher interest rates.

Whilst your personal circumstances and the property both have a major effect on the interest rates that you are able to negotiate, you should carefully consider the restrictions placed on the cheapest interest rate options, or you could end up paying more than you had bargained for.


I've worked with mortgage brokers before and have had some issues, so wasn’t sure if i wanted to go to a bank or a broker again. I ended up finding Leon and his team and the reviews seemed really positive, so i decided to just give them a call and see what they offer. Leon explained everything over the phone and was able to adjust to my schedule for a meeting. We ended up going over everything from start to finish, I explained my situation and he recommended a mortgage for me. He explained how it would save me money and how he would guide me step by step. At any point during the process he was literally just a phone call away and was very responsive. The best experience I’ve ever had with my mortgage. Gonna stick with Leon and his team from now on.
Randa Conyers
Randa Conyers
04:49 24 Feb 18
I found Leon a few months ago when we were looking to secure a mortgage for our new home. I read the reviews and they all seemed positive, so I gave him a call. Leon and his team honestly live up to their reputation, they answer all their calls, respond to emails within the hour and have the best rates I’ve seen. They know everything about the market and answer every question I have. Got a great rate and the customer service was outstanding. Would recommend to anyone, 5 stars
Yolanda Sizelove
Yolanda Sizelove
11:41 17 Feb 18
Most of my income is in dividends so my mortgage approval turned out to be a lot more complicated than normal. Leon guided me step by step through the whole process. He explained everything, was very patient and answered any questions i had. A week before the closing the lender asked for some additional documents and Leon was just a phone call away and was able to get everything together right away. Great service and great team.
Christin Franco
Christin Franco
03:34 01 Feb 18
Working with Leon has honestly been amazing. He managed to find a bunch of properties at a great price. We told him what we were looking for and our budget, he was able to find properties that we were able to renovate and re market. It has honestly been a pleasure working with him.
Tener Fellers
Tener Fellers
03:02 19 Jan 18
The entire team at certified mortgage broker were very kind and professional. Never worked with a mortgage broker before, but was tired of the terrible service at my bank. After a bit of research I found these guys and its been great. They are easy to reach, my rate is lower and they are VERY professional. Awesome service.
Myron Wiggins
Myron Wiggins
02:11 15 Feb 18

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