Best Mortgage Interest Rates – Find Today – s Lowest Variable – Fixed Rates, mortgage


Best Mortgage Rates in Canada

We shop the most competitive brokers, lenders and banks in Canada to bring you today’s lowest interest rates, free of charge! Our Canadian comparison charts list current rates and are updated regularly throughout the day. To compare a certain category, click “Compare all rates” for more details.

If you need any help comparison shopping, read our most frequently asked questions below:

Why should I compare mortgage rates?

Not all mortgage rates are created equal. Mortgages can have vary with the terms and conditions, in addition to the interest rate. Each mortgage caters to an individual’s particular needs. If you want to find the best mortgage for you, you need to compare all of your options.

Should I get an open or closed mortgage?

‘Closed’ mortgages have lower rates when compared to their ‘open’ counter parts, and are more popular. Closed mortgages can come in fixed and variable form, but place a restriction on the amount of principal you can pay down each year. If you pay off the entire principal in a closed mortgage before the set term, you will face a penalty, such as a 3-month interest charge.

‘Open’ mortgages on the other hand, allow you to pay off your entire mortgage balance at any time throughout the term. The drawback is that you pay a premium for that option. People opt for open mortgages if they are planning to move in the short future, or if they are expecting a lump sum of money through an inheritance or bonus, that would allow them to pay off their entire mortgage.

What is the difference between a variable vs. fixed mortgage rate?

Fixed mortgage rates are more popular and represent 66% of all mortgages in Canada. With a fixed mortgage you can “set it and forget it” as you are protected against interest rate fluctuations, so your payment stays constant over the duration of your term.

Variable mortgage rates are typically lower than fixed rates, but can vary over the duration of the term. Variable mortgages are prone to market behaviour (via the prime rate) which affects your payments. That means your payment amounts can change over time. A fixed mortgage offers stability as your mortgage rate and payment will remain the same each month, but that security is the reason why fixed interest rates are greater.

How often are Ratehub.ca mortgage rates updated?

The mortgage rates you see were updated today. Our mortgage rates are sourced through two methods: Mortgage brokers can log into our platform and update their rates instantaneously; and we source rates from Canadian bank websites to ensure the rates are current.

What are prepayment options?

Prepayment options outline the flexibility you have to increase your monthly mortgage payments or pay down your mortgage principal as a whole. The monthly prepayment option is a percentage increase allowance on your original monthly mortgage payment. For example, if your monthly mortgage payment is $1,000 and your prepayment allowance is 25%, then you can increase your monthly payments up to $1,250. The lump sum prepayment option on the other hand, applies to the original mortgage amount. So, if your lump sum prepayment allowance is 25% on a $100,000 mortgage amount, then you can pay $25,000 off the principal every year.

What is the mortgage ratehold?

The rate hold clause refers to how long before your mortgage renewal date you can lock in the prevailing mortgage rate, should that interest rate be a favourable one. The renewal date is the date on which the term of mortgage expires, not to be confused with the amortization period. So, for example, if you have a 5-year term on your mortgage, and a 90-day rate hold, then within 90 days before the expiration of the term, you have the option to lock in the current mortgage rate.


Mortgage Repayment Calculator, Westpac, mortgage comparison.#Mortgage #comparison


Mortgage Repayment Calculator

Interest only repayments only cover the interest on the principal borrowed, fees and any applicable government charges. You will not be paying off the principal of your loan. Principal and interest repayments which in addition to covering interest on the outstanding principal, fees and any applicable government charges include an amount which goes towards the repayment of principal. To see the difference between your interest only and principal and interest repayments, run two calculations and compare the results.^

What will the repayments be on my mortgage?

Our mortgage repayment calculator gives you an estimate of what your repayments could be, based on your home loan amount, your loan type and the interest rate you think you’ll be paying.

Once you get an idea of your mortgage repayments from the calculator, together with the rest of your budget you’ll start to see whether you can realistically afford the home you want to buy, you might even discover you can afford a more expensive one than you first thought.

Mortgage comparison

How much can I borrow?

Find out your borrowing power with our mortgage calculator.

Mortgage comparison

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Estimate how much Stamp Duty you might have to pay when buying a property.

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8am – 8pm, 7 days a week

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Things you should know

*The comparison rate is based on a loan of $150,000 over a 25 year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

**Premier Advantage Package Conditions of Use apply and are available above. Annual fee, currently $395, applies. Package benefits cannot be taken in conjunction with, or in addition to other special offers, negotiated rates or discounts. Not available to company and trust account holders.

  1. The output or result of these calculators:
    1. is subject to the assumptions which are subject to change;
    2. is prepared without knowing your personal financial circumstances. Before you act on the output of the calculators, please consider if it’s right for you. If you need more information, please call 1300 786 029. We recommend that you consult your financial adviser before taking out a loan;
    3. does not represent either a quote or pre-qualification for a loan;
    4. may not be taken into account if you apply for a loan with us as we will make our own calculations. When assessing ability to service a loan, Westpac may use an interest rate that is higher than the current interest rate for the loan requested.

    Conditions, fees and charges apply. These may change or we may introduce new ones in the future. Full details are available on request. Lending criteria apply to approval of credit products. This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement, before deciding. Unless otherwise specified, the products and services described on this website are available only in Australia from Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.


Mortgage best-buy comparison, mortgage comparison.#Mortgage #comparison


Mortgage Best Buys Beta

Unlike many other best buy tables we don’t just include broker only mortgages, we also show you the direct deals. The only mortgages that might be available that we can’t show are exclusives that are available to specific brokers.

Step-by-step help

Read our full Free Printed guide to first-time mortgages

Step-by-step help

Read our full Free Printed guide to Remortgaging

How this site works

We think it’s important you understand the strengths and limitations of the site. We’re a journalistic website and aim to provide the best MoneySaving guides, tips, tools and techniques, but can’t guarantee to be perfect, so do note you use the information at your own risk and we can’t accept liability if things go wrong.

  • This info does not constitute financial advice, always do your own research on top to ensure it’s right for your specific circumstances and remember we focus on rates not service.
  • Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first.
  • We don’t as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it’s rarely made public until it’s too late (see the Section 75 guide for protection tips).
  • We often link to other websites, but we can’t be responsible for their content.
  • Always remember anyone can post on the MSE forums, so it can be very different from our opinion.

MoneySavingExpert.com is part of the MoneySupermarket Group, but is entirely editorially independent. Its stance of putting consumers first is protected and enshrined in the legally-binding MSE Editorial Code.

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Rate Trend Index – Mortgage Rate Trends, mortgage rate comparison.#Mortgage #rate #comparison


Mortgage Rate Trend Index: Nov. 15, 2017

Mortgage rate comparison

Each week, Bankrate surveys experts in the mortgage field to see where they believe mortgage interest rates are headed.

This week (Nov. 15-22), 10 percent of the panelists believe mortgage rates will rise over the next week or so; 40 percent think rates will fall; and 50 percent believe rates will remain relatively unchanged (plus or minus 2 basis points).

Calculate your monthly payment using Bankrate’s mortgage calculator.

Read the comments and rate predictions of mortgage experts and Bankrate analysts below.

10% say rates will go up

Mortgage rate comparison

Dick Lepre

Senior loan officer, RPM Mortgage, San Francisco

Both the daily and weekly stochastic techs of the 30-year Treasury bond future are bearish (lower prices, higher yields) signaling slightly higher yields and rates in the coming week.

40% say rates will go down

Mortgage rate comparison

Les Parker

Senior vice president of LoanLogics, Trevose, Pennsylvania

Let’s get fiscal, fiscal. Look for a relief rally in bonds and the dollar as Dodd-Frank reform and tax cuts move towards passage. Expect thankful bucks and equities to duck unless the bills become turkeys.

Mortgage rate comparison

Greg McBride, CFA

If tax reform talks bog down, concerns about the low inflation numbers will resurface and pull yields a bit lower.

Mortgage rate comparison

Joel Naroff

President and Chief Economist, Naroff Economics, Holland, Pennsylvania

Concern that the tax plan is getting out of control affecting stocks and bonds.

50% say rates will remain unchanged

Mortgage rate comparison

Logan Mohtashami

Senior loan officer, AMC Lending Group, Irvine, California

We had a 9 basis point spread from 2.31 percent from 2.40 percent and Wednesday pricing is 2.34 percent so not much action. Key channel levels are 2.27 percent and 2.45 percent and a break of these levels will mean something, but until then we are stuck in this channel. Oil prices have held up well this year, and still no pull backs in the markets, but seeing some selling this week. Lumber prices are at 21-year highs so we see some commodity inflation but not enough to pull up core CPI and PCE.

Mortgage rate comparison

Brett Sinnott

Vice president of capital markets, CMG Financial, San Ramon, California

It is still expected that the Fed will carry out its final rate move of 2017 by increasing 25 bps at their December meeting. This, combined with their balance sheet unwind, should have a greater effect on mortgage rates than the previous moves earlier in the year. Home prices continue to hinder prospective buyers as almost half of the nation’s top markets are now considered “overvalued” according to recent figures, and although seasonality may be a significant reason for low mortgage volume, at some point higher interest rates will be a dominant force in home values and mortgage volume.

Mortgage rate comparison

Jim Sahnger

Mortgage planner, Schaffer Mortgage, Palm Beach Gardens, Florida

Look for rates to remain unchanged going into Thanksgiving. Trading could be light so should we get any news that surprises us, we could see some wide swings in bond prices. Happy Thanksgiving to all!


Mortgage Repayment Calculator, Westpac, mortgage comparison calculator.#Mortgage #comparison #calculator


Mortgage Repayment Calculator

Interest only repayments only cover the interest on the principal borrowed, fees and any applicable government charges. You will not be paying off the principal of your loan. Principal and interest repayments which in addition to covering interest on the outstanding principal, fees and any applicable government charges include an amount which goes towards the repayment of principal. To see the difference between your interest only and principal and interest repayments, run two calculations and compare the results.^

What will the repayments be on my mortgage?

Our mortgage repayment calculator gives you an estimate of what your repayments could be, based on your home loan amount, your loan type and the interest rate you think you’ll be paying.

Once you get an idea of your mortgage repayments from the calculator, together with the rest of your budget you’ll start to see whether you can realistically afford the home you want to buy, you might even discover you can afford a more expensive one than you first thought.

Mortgage comparison calculator

How much can I borrow?

Find out your borrowing power with our mortgage calculator.

Mortgage comparison calculator

Stamp Duty Calculator

Estimate how much Stamp Duty you might have to pay when buying a property.

Other calculators

Get started today
Call us

8am – 8pm, 7 days a week

Find a lender
Interest rates
Free property reports
Things you should know

*The comparison rate is based on a loan of $150,000 over a 25 year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

**Premier Advantage Package Conditions of Use apply and are available above. Annual fee, currently $395, applies. Package benefits cannot be taken in conjunction with, or in addition to other special offers, negotiated rates or discounts. Not available to company and trust account holders.

  1. The output or result of these calculators:
    1. is subject to the assumptions which are subject to change;
    2. is prepared without knowing your personal financial circumstances. Before you act on the output of the calculators, please consider if it’s right for you. If you need more information, please call 1300 786 029. We recommend that you consult your financial adviser before taking out a loan;
    3. does not represent either a quote or pre-qualification for a loan;
    4. may not be taken into account if you apply for a loan with us as we will make our own calculations. When assessing ability to service a loan, Westpac may use an interest rate that is higher than the current interest rate for the loan requested.

    Conditions, fees and charges apply. These may change or we may introduce new ones in the future. Full details are available on request. Lending criteria apply to approval of credit products. This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement, before deciding. Unless otherwise specified, the products and services described on this website are available only in Australia from Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.


Mortgage Calculators, Mortgage Calculator Canada, mortgage comparison calculator.#Mortgage #comparison #calculator


Mortgage Calculator Canada

Make informed decisions about your next home purchase by using our simple mortgage calculators. It’s easy!

Calculate Your Payments with Today’s Rates

  • 1 Yr Fixed – 2.69% – Try this rate
  • 2 Yr Fixed – 2.79% – Try this rate
  • 3 Yr Fixed – 2.48% – Try this rate
  • 4 Yr Fixed – 2.89% – Try this rate
  • 5 Yr Fixed – 2.74% – Try this rate

Rates last updated on 16/11/2017

The Best Mortgage Rates in Canada

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Calculate monthly mortgage payments with our handy mortgage payment calculator.

Rent vs Buy Analysis

Tired of paying rent? Ready to purchase a home? Our Rent vs Buy calculator can help you determine the decision that’s right for you by evaluation and comparing both situations.

Maximum Mortgage Calculator

Determine the maximum mortgage you can qualify for with our simple maximum mortgage calculator resource.

Mortgage Variable Isolator

See what kind of effects different financial and mortgage factors can have on a single, isolated variable.

Mortgage Principal Calculator

It’s good to understand how your future looks like. Using this tool, you can determine the remaining balance of your mortgage after several of your regular mortgage payments.

Mortgage Length Calculator

What would your overall savings look like if you shortened the length of your mortgage by making larger payments? Take a look with our Mortgage Length Calculator.

Loan Comparison Calculator

Compare and contrast your different loan options and figure out which one is the better deal.

Additional Payments Calculator

By putting more money towards you mortgage payments, you will see your mortgage reduced. Use this to calculate how mortgage prepayments affect your overall mortgage.

Interest Only Calculator

Want to see how interest only payments look like? Then use this calculator and evaluate the results.

Payment per Thousand Financed Calculator

You borrow money for a mortgage loan, but how much are you actually paying for every $1000 of your loan? Determine that here.

Interest only with Additional Payments Calculator

Interest only payments can be the cause of a great reduction in your mortgage payments, what what if you made additional payments (towards your principal)? Determine how much you can save with this tool.

From the blog.

When you find yourself in seemingly insurmountable debt, working on building your credit score and saving money at the same time can seem like an impossible feat. As you struggle to climb to the top of the mountain of bills, it seems like a never-endin.

Another year is here and so are the many resolutions that accompany the New Year trends. We all know that nine out of 10 times resolutions are not kept and so we end up with broken promises and a series of disappointments. When resolutions are too high.

While several items in Canada remain to have low interest rates, one sector is on the rise. Homeowners can expect to see a rise in mortgage interest rates later in 2013. For quite some time, interest rates were staying right around 2.99% for qualified .

MortgageCalculatorCanada.com aims to provide its users with the best mortgage tools and calculator resources on the web. We are proud to offer our customers with a complete set of mortgage analysis resources to assist them in preparing their financial futures. We recognize and value the importance of home loans and the significance such transactions can have on one’s life. We hope that our extensive set of resources and information will help you in your search for a home mortgage and a better future. Our tools take your income, budget, loan amount and payment period into consideration to provide you with personalized solutions for your mortgage.

If you require any assistance or explanations of any of our tools, or if you’re ready to make the next move and obtain a mortgage for a home, do not hesitate to contact us. An experienced mortgage professional is ready to assist you with all of your needs.

Canadian Mortgages: Learn the Basics

Purchasing a home in Canada can be a complicated process, but it doesn’t have to be. Mortgage Calculator Canada recognizes and understands the difficulties homebuyers face. The information below, in conjunction with our mortgage calculator tools, will facilitate the process of understanding and applying for your mortgage.

Variable Rates vs Fixed Rates

The first thing you need to know about mortgages and mortgage interest rates is the difference between a variable mortgage rate and a fixed mortgage rate. A fixed mortgage rate stay constant (unchanged) through the term length of a mortgage. A variable rate fluctuates over time. As the prime rate (set by the Bank of Canada) changes, the variable rate will change with it. When the prime rate rises, a larger portion of your mortgage payment will go to interest and when the prime rate falls, a larger portion of your mortgage payment will go to principal.

Mortgage Down Payment

A mortgage down payment is a sum of money that is collected to put down towards the purchase of a new home. It is not required in all cases, however, in the case that it is, there is a minimum. How can a down payment affect your mortgage? Well, if you do provide a down payment, it is used to calculate the maximum price of a home you can afford, it is used to calculate the size of your mortgage and the mortgage payments, as well as the amount of CMHC insurance you have to pay. To qualify for a mortgage with no down payment, you need a credit score of at least 680.

Open Mortgage, Closed Mortgage – What’s the difference?

An open mortgage is a mortgage that can be paid out at any time without financial penalties. You are also able to make additional mortgage payments with no financial penalties. Typically, open mortgage terms range from 6 months to 1 year and can have either fixed or variable mortgage interest rates. On the other hand, closed mortgages have lower interest rates than open mortgages. Closed mortgage terms can range from 6 months to 10 or more years. You are not able to pay out a closed mortgage early with no penalty although with most lenders you are still allowed to pre-pay up to 20% of your original principle balance every year.


Best Mortgage Interest Rates – Find Today – s Lowest Variable – Fixed Rates, mortgage


Best Mortgage Rates in Canada

We shop the most competitive brokers, lenders and banks in Canada to bring you today’s lowest interest rates, free of charge! Our Canadian comparison charts list current rates and are updated regularly throughout the day. To compare a certain category, click “Compare all rates” for more details.

If you need any help comparison shopping, read our most frequently asked questions below:

Why should I compare mortgage rates?

Not all mortgage rates are created equal. Mortgages can have vary with the terms and conditions, in addition to the interest rate. Each mortgage caters to an individual’s particular needs. If you want to find the best mortgage for you, you need to compare all of your options.

Should I get an open or closed mortgage?

‘Closed’ mortgages have lower rates when compared to their ‘open’ counter parts, and are more popular. Closed mortgages can come in fixed and variable form, but place a restriction on the amount of principal you can pay down each year. If you pay off the entire principal in a closed mortgage before the set term, you will face a penalty, such as a 3-month interest charge.

‘Open’ mortgages on the other hand, allow you to pay off your entire mortgage balance at any time throughout the term. The drawback is that you pay a premium for that option. People opt for open mortgages if they are planning to move in the short future, or if they are expecting a lump sum of money through an inheritance or bonus, that would allow them to pay off their entire mortgage.

What is the difference between a variable vs. fixed mortgage rate?

Fixed mortgage rates are more popular and represent 66% of all mortgages in Canada. With a fixed mortgage you can “set it and forget it” as you are protected against interest rate fluctuations, so your payment stays constant over the duration of your term.

Variable mortgage rates are typically lower than fixed rates, but can vary over the duration of the term. Variable mortgages are prone to market behaviour (via the prime rate) which affects your payments. That means your payment amounts can change over time. A fixed mortgage offers stability as your mortgage rate and payment will remain the same each month, but that security is the reason why fixed interest rates are greater.

How often are Ratehub.ca mortgage rates updated?

The mortgage rates you see were updated today. Our mortgage rates are sourced through two methods: Mortgage brokers can log into our platform and update their rates instantaneously; and we source rates from Canadian bank websites to ensure the rates are current.

What are prepayment options?

Prepayment options outline the flexibility you have to increase your monthly mortgage payments or pay down your mortgage principal as a whole. The monthly prepayment option is a percentage increase allowance on your original monthly mortgage payment. For example, if your monthly mortgage payment is $1,000 and your prepayment allowance is 25%, then you can increase your monthly payments up to $1,250. The lump sum prepayment option on the other hand, applies to the original mortgage amount. So, if your lump sum prepayment allowance is 25% on a $100,000 mortgage amount, then you can pay $25,000 off the principal every year.

What is the mortgage ratehold?

The rate hold clause refers to how long before your mortgage renewal date you can lock in the prevailing mortgage rate, should that interest rate be a favourable one. The renewal date is the date on which the term of mortgage expires, not to be confused with the amortization period. So, for example, if you have a 5-year term on your mortgage, and a 90-day rate hold, then within 90 days before the expiration of the term, you have the option to lock in the current mortgage rate.


Mortgage Length Comparison, mortgage comparison.#Mortgage #comparison


10 15 30 40 and 50 Year Mortgages: A Comparison

Across the United States 88% of home buyers finance their purchases with a mortgage. Of those people who finance a purchase, nearly 90% of them opt for a 30-year fixed rate loan.

Source: Freddie Mac’s 2016 home buyer statistics, published on April 17, 2017

Fixed Versus Adjustable Rate Loans

On a fixed rate mortgage, the interest rate remains the same through the entire term of the loan, rather than the interest rate doing what is called “float” or adjust. What characterizes a fixed rate mortgage is the term of the loan and its interest rate. There are a number of popular fixed-rate mortgage loan terms: the 30-year fixed rate mortgage is the most popular, while the 15-year is next. Other loan terms tend to be quite rare in comparison. People paying off smaller loans may want to try to pay them in 10 years, while people with pristine credit who are afforded credit cheaply could choose to extend their credit out to a 40-year or 50-year term. Those who want to remain highly levered have other financial assets to back their position may opt for interest-only or balloon mortgages.

In the United States fixed-rate mortgages are the most popular option. In many other countries like Canada, the United Kingdom Australia adjustable (or variable) rate loans are the standard. If a large portion of the economy is structured into variable rate loans or interest-only payments, then if the housing market gets soft it can create a self-reinforcing vicious cycle where rising interest rates spark further defaults, which then reduces home prices home equity, driving further credit tightening defaults..

Mortgage comparisonCompare fixed, adjustable interest-only mortgages side by side. Mortgage comparison

The above referenced calulator uses rough ranges for interest rates. The following table provides current market information from local lenders.

30 Year Fixed Rate Mortgage

In the United States the traditional home loan is the 30-year fixed rate mortgage. This is the most popular loan for those buying homes for the first time and even those who own more than one home. The 30-year fixed home loan fits more financial situations than any other home loan. This loan program also allows the homebuyer to have low monthly payments while having payment certainty throught the duration of the loan.

Highlights of the 30 year fixed rate mortgage are:

  • If the homebuyer chooses to increase their monthly payments, they can build equity in their home faster.
  • There are usually no pre-payment penalties with a 30-year fixed rate mortgage.
  • The low payments allow the homebuyer to use their extra money for investing and on other expenses.
  • If rates rise the homeowner is protected, but if rates fall the homeowner can refinance into a lower rate loan.

15 Year Fixed Rate Mortgage

A 15-year fixed rate mortgage allows the homebuyer to own their home free and clear in a 15 year period. While the monthly payments are a little higher than a 30-year mortgage, the interest rate on the 15-year mortgage is a little lower. The homebuyer also pays less than half of the total interest of the traditional 30-year mortgage. A 15 year fixed rate mortgage allows younger homebuyers with the income to meet the higher monthly payments to pay off the house before their children enter college. This kind of mortgage allows them to own more of their home faster with this mortgage. Homebuyers who are established in their careers tend to have higher incomes and they desire to own their homes before they retire. These are the types of people who may prefer this kind of mortgage.

Some advantages of the 15-year fixed rate mortgage are:

  • The homebuyer owns their home in half the time it would take them to own it through a traditional mortgage.
  • The homebuyer saves more than half of the amount of interest paid in a 30-year mortgage.
  • Lenders usually offer this type of mortgage at a lower interest rate than the interest rate of a 30-year loan.

Mortgage comparisonEstimate your payments with this free calculator, or compare terms side by side. Mortgage comparison

Other, Less Common Loan Terms

Mortgage comparison

10-Year Fixed Rate Mortgage

A 10-year fixed mortgage has an interest rate that never changes throughout the 10 year loan period. Initially, the principal amount is reduced and then it moves at an accelerated pace throughout the loan period. The 10 year fixed rate mortgage is essential for those individuals with high income who want to pay the least amount of interest for their home as possible, while remaining protected from the risk of rising interest rates. This allows for quick payoff of the mortgage, but as a result they have higher monthly payments. For those who can afford these types of payments, it can be a very smart move since hundreds of thousands of dollars can be saved in interest.

Highlights of a 10 year fixed rate mortgage are:

  • High monthly payments can save the most money in the long-run.
  • Regardless of changes in the market, the rate is fixed for 10 years.
  • For those who have a high enough income, a 10-year fixed rate mortgage can pay off the home in 10 years or less.

25-Year Mortgage

The most common loan term in the United Kingdom is a 25-year loan. Typically their loans are structured as tracker, discount variable or standard variable rate loans which have a 2 to 5 year introductory period where the rate is fixed then the loan shifts to a floating rate after the initial period.

40-Year Fixed Rate Mortgage

40-year mortgage rates are usually slightly higher than the traditional 30-year fixed mortgage, but the monthly payment tends to be lower due to the extended term. This loan is a good alternative for borrowers who do not desire to have an adjustable rate mortgage but still wants or needs the low monthly payment that only comes with this extended term loan program. Customers pursuing the 40-year home loan are the ones who are looking for one of two things. They are either searching for a lower payment that allows them to afford a more expensive house, or they simply want a lower payment without having to sign up for an adjustable rate mortgage.

Highlights of the 40 year fixed rate mortgage are:

  • The term is fixed for a period of forty years no matter the changes in the market.
  • The potential for a lower monthly payments than with a 30-year fixed home loan.
  • Purchase a larger home than what can be afforded with a traditional 30 year loan.
  • Low payments leave extra money for other expenses, or perhaps to be invested in other markets.

50-Year Fixed Rate Mortgage

The 50-year fixed mortgage loan is quite different in that it is like a 30-yar fixed mortgage with what is called a 50 year amortization period. A 50-year fixed rate mortgage allows the homebuyer to pay a small amount toward the principal in the beginning, which can allow them to stay aggressively invested in other markets.

Highlights of the 50 year fixed rate mortgage are:

  • Payments are based upon a 50 year amortization schedule
  • These loans are good for those with strong credit who have a history of achieving outsized returns investing in their business or speculating in the broader market.
  • The low payments allow the homebuyer to use the extra money for other investments or other important expenses.

The one and very obvious disadvantage that accompanies this loan is that the term is so long. Half of those buying homes for the first time are aged 32 or older, according to research by the National Association of Realtors. If these buyers choose the 50-year mortgages and they never refinance or make extra payments, they will not pay off their home loan until they are well into their 80’s.


Latest Mortgage Rates for Remortgaging, Buy to Let and First Time Buyers, mortgage comparison.#Mortgage #comparison


mortgage comparison

Mortgage comparison

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We have a range of loans to suit everyone

Whether you’re a first-time buyer, need to reduce your monthly bills with a remortgage investing in a buy-to-let property, we can help you. The MortgageRates.org.uk free impartial and no obligation broker service enables you to find the right product for your circumstances. Simply complete our free quote form and save money today.

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Guide to Mortgaging

There are two types of home loans available for remortgaging or new home buying. The first is a simple repayment plan where you pay a portion of the loan off each month with interest and at the end of the lending period there is no outstanding balance.

An interest-only loan is where you only pay the interest incurred each month. You never repay the original loan which remains outstanding. These types of product are slowly being withdrawn from the market.

You can always see how much these are going to cost you by using one of the many calculators online.

Types of Mortgages

There are many deals for new borrowers or to remortgage an existing debt that typically fall into the following categories:

Variable

The interest rate rises and falls generally in line with the Bank of England base rate.

Fixed

You receive a discounted fixed introductory rate for a certain period of between two and five years subject to status. At the end of this period, you’ll pay the lender’s variable rate.

Offset

These loans can be on fixed or variable interest rates with the loan being offset against your other current or savings accounts. These types of mortgages can knock several years off the length of the loan but check the terms are competitive.

Current Interest Rate Terms

Here are the current rates on offer in the marketplace today for standard variable products (SVR):

  • Bank of England base 0.5%.
  • Halifax SVR 3.74%.
  • Nationwide SVR 3.74%.
  • HSBC SVR 3.69% (this does not track the BOE).
  • Barclays SVR 3.74% (via the Woolwich).
  • Santander SVR 4.49%.

Mortgage comparison

Today you may need a higher deposit than in recent years, with most of the best buys in the market lower than the SVRs quoted above.

Lenders in our Database

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Other Information

The Financial Conduct Authority regulates the mortgage market lenders and specialist brokers in the UK. They also provide excellent advice and guidance on financial arrangements.

To find out how much you have to pay each month check out our new mortgage repayment calculator now! You’ll see your total loan repayments each month and how much interest you pay over the lifetime of the mortgage.


Comparison of Mortgage Rates – Money Guide Ireland, mortgage rate comparison.#Mortgage #rate #comparison


Comparison of Mortgage Rates

Mortgage Interest Rates in Ireland Compared

We regularly do a comparison of mortgage rates on offer to new customers from the major Irish lenders. Listed below are the lowest home loan rates on offer for you to make comparisons. We compare variable rates as well as a selection of short term fixed rate mortgages.

A lot of people are affected by mortgage rates at the end of 2016, there were 736,894 private residential mortgage accounts for principal dwellings held in the Republic of Ireland, to a value of €99.6 billion .

Interest Rates Updated November 2017

More information here on How Much You Can Borrow

Fixed Rate or Variable Which is Best ?

The most important thing to remember is with a fixed rate, you have the safety of knowing exactly what your mortgage repayments will be for a certain period of time. You will not be affected by sudden increases )or decreases. With interest rates at their lowest for many years it is likely that variable rates will increase during the next 5 to 10 years.

Over the past several years it was usually the case that variable mortgage rates were often lower than fixed rates but right now some of the fixed rate deals are at their cheapest ever and some are lower than variable rates.

Mortgage rate comparison

BOI offer 2% cashback to all new customers and 3% to those with current accounts with them. (no maximum cashback)

PTSB also offer 2% cashback for new customers

EBS also give 2% cashback to all new mortgage customers.

Ulster Bank offer €1500 towards legal fees for all new customers.

KBC will give €3000 to mortgage switchers only.

AIB give €2000 towards legal fees for mortgage switchers.