Best Mortgage Rates in Collingwood
Compare current mortgage rates in Collingwood and find the best rate in seconds.
We compare the most competitive brokers, lenders and banks in Collingwood to bring you today's best mortgages rates, at no cost to you. Our comparison charts list current Collingwood rates, and are updated every few minutes. To learn more about a particular rate, simply click "Inquire" - an agent will contact you within 1 business day. Don't worry, there are no obligations when you choose to inquire. Advertising DisclosureRates updated:
|1-yr||1.84% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|2-yr||1.53% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|3-yr||1.53% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|4-yr||1.74% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|5-yr||1.69% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|7-yr||2.39% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|10-yr||2.99% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
Prime - 0.00CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
Prime - 1.47CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
Best mortgage rates in Collingwood (view all) +
If you need any help comparing mortgage rates, read our most frequently asked questions below1:
Why should I compare mortgage rates?
Not all mortgage rates are created equal. In addition to the different interest rates out there, mortgages also vary with what’s offered in their terms and conditions. Each mortgage caters to an individual's particular needs. If you want to find the best mortgage rate and product for you, you need to compare all of your options, and the best way to do that is to talk to a mortgage broker.
What is the difference between a fixed vs. a variable mortgage rate?
If you choose to get a fixed mortgage rate, your mortgage rate – and, therefore, your mortgage payment – stays the same throughout your entire mortgage term. If you’re risk-averse and/or just feel more comfortable knowing how much you’ll need to budget for each month, you should consider getting a fixed mortgage rate – but know that the security comes with a premium, in the form of a higher interest rate. Of all the mortgages in Canada, 66% currently have fixed rates.
Variable mortgage rates, on the other hand, are historically lower than fixed rates but can vary throughout the duration of your mortgage term. Variable rates are attached to Prime, so if Prime fluctuates up or down, so does your mortgage rate – and, therefore, your mortgage payment. If you’re comfortable taking on some risk, a variable mortgage rate could potentially save you a lot of money throughout the life of your mortgage. Of all the mortgages in Canada, 26% currently have variable rates.
Should I get an open or closed mortgage?
If you’re thinking of moving soon, or if you’re expecting a lump sum of money from an inheritance or bonus, you may want to consider an open mortgage. With an open mortgage, you are able to pay off the entire balance of your mortgage at any time throughout your term – without penalty. The downside is that you have to pay a premium for this option, which comes in the form of a higher interest rate.
Closed mortgages, on the other hand, are the more popular option chosen by Canadian homebuyers, because the interest rates are much lower. With a closed mortgage, the one restriction is that you’re only allowed to pay down a certain amount of your principal each year, as defined in the prepayment options of your mortgage contract. If you pay off the entire balance before your term is up, you’ll be hit with a prepayment penalty.
How often are Ratehub.ca mortgage rates updated?
The mortgage rates you see were updated today. Our mortgage rates are sourced two ways: mortgage brokers can log into our website and update their rates, and we automatically update all the rates found on the websites of Canadian banks.
What is a rate hold?
A rate hold is a time period (typically 30-120 days) during which you can lock in the current best mortgage rate. If rates go down during this time, most lenders will honour the lower rate.
Collingwood mortgage rates: Frequently Asked Questions
Here are a few answers to the most common questions we receive.
How much can I save by comparing Collingwood mortgage rates?
Getting a mortgage in Collingwood is probably the biggest financial commitment you’ll make in your life, so it’s important to get a great deal. Comparing mortgage rates from different providers is one of the best things you can do to get a lower rate.
So how much can you save with a lower rate? On a $500,000 mortgage with a 25-year amortization, paying 2.50% instead of 3.0% could save you around $126 a month. Overall, you’d pay $11,767 less in interest over a 5-year term. You can use our mortgage payment calculator to input your own figures, and work out how much you could save by comparing mortgage rates.
Why compare Collingwood mortgage rates with Ratehub.ca?
Ratehub.ca makes it easy to compare Collingwood mortgage rates, but pulling rates from the big banks, Collingwood mortgage brokers, and smaller lenders like credit unions, all in one place. By seeing what’s available in Collingwood, you’ll be able to make sure you get the best possible deal. We do this at no cost to you.
Are Collingwood mortgage rates higher than other cities?
Collingwood mortgage rates can sometimes differ from other Canadian cities, but not just because of the city itself. Mortgage rates are determined by lots of factors, including competition among lenders to offer the lowest rates. Some cities have more competition than others, which generally leads to slightly lower rates. However, the differences are generally small.
What’s the difference between variable and fixed rates?
Variable rates can change over the course of your mortgage term (which can range from 1 to 10 years). On the other hand, fixed rates remain constant throughout your mortgage term, even if the prime rate changes.
The advantage of variable rates is that if rates fall across the market, then your rate will also drop. The downsides are that rates can go up. This would also cause your rate to rise, which means paying more on your regular mortgage payment.
The advantage of fixed rates is that your regular mortgage payments will stay the same for your entire term. However, if prime rates were to drop, you’d be missing out on the savings that a lower rate would offer.
Is it worth getting a mortgage pre-approval?
When buying a new home in Collingwood it’s generally worth getting a pre-approval. A pre-approval is an in-principal commitment from a lender to offer you a particular rate for a given mortgage. This gives you confidence that the homes you’re looking at are within your budget, and lets you move faster when you’re ready to make an offer.
You can start the pre-approval process by going directly to a lender, or you can apply with the help of a mortgage broker. Remember that you’re not obligated to get a mortgage with a particular lender, even if you’ve been pre-approved by them. Also remember that your pre-approval is not a final guarantee of a particular rate. That’s only confirmed when you make your final application.
Which bank has the best mortgage rates in Collingwood?
No one bank has the best rates in Collingwood, or offers the best mortgage in Collingwood. Mortgage rates change regularly, and different lenders will often run promotions that make them temporarily more competitive. The best way to get a lower mortgage rate is to compare current rates from multiple mortgage providers and brokers.
Remember as well that the best mortgage for you is not necessarily the one with the lowest rate. Your mortgage will be a big part of your life for years to come, and getting one with the right features and terms is sometimes more important than the rate. Getting advice from a Collingwood mortgage broker is a good way to better understand this, if you’re worried.
Should I use a mortgage broker in Collingwood?
A mortgage broker can connect you with mortgage products from a range of lenders, both big and small. As well as being connected with multiple lenders, brokers often have access to rates and deals that aren’t available to the public. Generally, getting a mortgage through a broker will help you secure a lower mortgage rate than going directly to your current bank. Mortgage brokers are free for you to use, so there’s no risk in approaching one for a chat.
References and Notes
- All data percentages were taken from CAAMP’s Annual State of the Residential Mortgage Market in Canada 2013