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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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Featured Rates
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6.45%| Term | Rate |
|---|---|
| HELOC | 6.45% (Prime rate) |
| Lender | Rate | Term |
|---|---|---|
 Lendwise |
4.19% | 5 year |
 First National Financial |
4.44% | 4 year |
 RMG Mortgages |
4.44% | 3 year |
 Street Capital Bank |
5.34% | 2 year |
 TD Bank |
4.84% | 1 year |
| Term | Rate |
|---|---|
| 5 year variable | 5.3% (Prime - 1.15%) |
| 3 year variable | 5.6% (Prime - 0.85%) |
| Term | Rate |
|---|---|
| Line of Credit | Starting at 7.2% |
| Equity Loans | Starting at 6.5% |
| Private Mortgages | Starting at 5.99% |
You have questions. We are here to help!
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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Was looking for a mortgage broker in Toronto. Heard about Leon and his team from a co worker and decided to give them a call. after some time on the phone talking about mortgages and what would work best for me I was VERY impressed. They were polite and most importantly they knew what they were talking about. We then scheduled an appointment and I got my mortgage with a great rate. Definitely recommend.
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
A little while back my wife and I finally decided to stop renting and get a place of our own. After some searching we found a condo we both liked and that was in our price range. The next step was a mortgage, but honestly, neither of us knew too much of what we were getting into. We found Leon and his team after a quick search on google and have had a wonderful experience. Leon and his team of mortgage brokers are VERY knowledgable, polite, work fast and just all around very professional. They answered all our questions and we got a great rate.
Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!
Going through with this company was my best decision. These Burlington mortgage brokers are real professionals. They helped me to save thousands of dollars, I'm not sure I'd find such a good offer myself.
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