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Jamie David, Director of Marketing & Mortgages
Getting a mortgage is a big financial commitment, but there are some sure-fire ways to get a better mortgage rate. The factors that contribute to a lower mortgage rate aren't a secret, so all you need to do is plan ahead.
Our mission at Ratehub.ca is to make it easy to compare rates from Canada's big banks, small lenders, and mortgage brokers. That makes it simple for you to choose better, at no cost to you.
Best mortgage rates in Nunavut +
What's the best mortgage rate in Nunavut?
The best mortgage for you is the one that best suits your needs, and offers a great rate. It's important to remember that the best mortgage is not always the mortgage with the lowest rate. While a low rate is important and can save you thousands of dollars, you also need to make sure that the term, conditions, and features of your mortgage suit your needs.
What factors affect the mortgage rate I get?
While comparing mortgage products is an important part of getting the best possible mortgage rate, you’ll still need to personally qualify for your final offer. There are several factors that will affect the rate you’re able to qualify for. Here are some of the major ones:
- Down Payment: In Canada, property purchases require a minimum down payment of between 5% and 20%, depending on the purchase price. However, if your down payment is less than 20%, you’ll have to pay for mortgage default insurance. This will cost you more, but it will make your mortgage less risky, from your lender’s perspective. This generally results in a lower mortgage rate. Note that even with a lower mortgage rate, it's still worth avoiding the cost of mortgage default insurance, so you should always aim to have a down payment of at least 20%.
- Amortization period: Mortgages with amortization periods of more than 25 years generally have higher interest rates. This is because this type of mortgage can't be insured with mortgage default insurance. Despite this, mortgages with longer amortization periods can be more financially manageable, because they have lower monthly payments.
- The purpose of the property: You’ll generally be offered a higher rate on a mortgage for a property that you don’t plan to personally live in.
- Mortgage type: A refinanced mortgage, or a mortgage with features like a HELOC, will typically come with a higher rate than a mortgage for a renewal or new purchase.
- Credit score: A low credit score may mean you cannot get approved by an ‘A lender’, like a big bank or credit union. If you’re forced to take a mortgage from a ‘B lender’, you’ll probably be charged a higher rate.
Nunavut mortgage rates: Historical trends
Nunavut mortgage rates rise and fall, as do rates across Canada. Because Nunavut is so remote and sparsely populated, the mortgage rates on offer may be different than in other provinces - be sure to check the comparison table above. With that in mind, here’s a quick snapshot of the lowest national mortgage rates over the past few years, to give you an idea of where we are today.
Source: Ratehub Historical Rate Chart
Land transfer tax in Nunavut
There isn’t a land transfer tax in Nunavut, but there is a title transfer fee, which operates in a similar way. For each $1,000 of property value, a $1.50 transfer fee is levied, up to the first $1 million. Above $1 million, the transfer fee is $1,500 plus $1.00 per additional thousand dollars.
This transfer fee schedule results in an effective tax rate of 0.15% for properties under $1 million when the property price is rounded up to the nearest thousand dollars.
Nunavut first-time homebuyer programs
With no land transfer tax, there aren’t any first-time homebuyer land transfer tax rebates in Nunavut. However, first-time homebuyers in Nunavut are still eligible for all relevant federal government programs. Learn more by reading our guide to First-Time Home Buyer programs in Canada.
Jamie David is the Business Director of Mortgages at Ratehub.ca. A graduate of the Systems Design Engineering program at the University of Waterloo, she has over 15 years of business, marketing, and engineering experience in the financial technology, banking, education, energy and retail industries. She has worked in top organizations like TD Bank, Trading Pursuits, Petro-Canada, and the TTC. Her passion for personal finance, investing, education, and business strategy brought her to Ratehub.ca where she heads a very talented, cross-functional team that is dedicated to providing Canadians with the best mortgage experience all the way through from online search to (keys-in-your-hand) funded mortgage.read linkedin bio