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Mortgages
BestMortgageOffers.ca, Canada's free mortgage quote referral service, 
enables you to receive and compare the best mortgage quotes from Canada's top lenders and brokers. Many of our licensed members work with banks and private lenders to help you get the best solution for your property financing needs.
If you're shopping for a mortgage, loan refinancing, or other property related financial services, use BestMortgageOffers.ca to get contacted today.
Down Payment
For a 'conventional' mortgage you will need to come up with 25% of the purchase price for a down payment. if you have less than this, your mortgage will have to be insured through a company such as CMHC .
Additional Fees
Don't forget to find out all the costs involved in the loan & home purchase i.e.:
- broker's fee
- appraisal fee
- property taxes
- utility hook-ups
- home inspection
- house insurance
- property purchase tax
- GST, HST
- strata fee
- title search
- legal fees and
- mortgage insurance
This list may not be complete, be sure to find all fees and costs which may apply to you as this can quickly add up to thousands of dollars more on top of the purchase price of the new home.
Once you have determined what down payment you have and what the additional fees and charges are, it's important to know how much of a mortgage amount you can afford - usually lenders will allow the monthly payments plus the monthly property tax portion, to be no more than 38% of your family's gross monthly income.
Mortgage Rate Calculator
Use our quick calculator below to give you an idea of what the mortgage payment might be on the house you are interested in. For your convenience we have included this handy quick mortgage calculator on each of our listings.
Mortgage Calculator
Mortgage Providers
Mortgages are available from several types of lenders - banks, mortgage companies and credit unions. As with any major purchase, you should shop around for the best mortgage offers. Different lenders may quote you different rates and terms so you should contact several lenders to make sure you get the mortgage that best suits you.
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Rather than waiting until you have found the property you want to purchase to start looking for a mortgage, start that process now. You will be in a much better position to place an offer if you have a pre-approved mortgage. Having a pre-approved mortgage will:
- let you know how much you can afford to pay for a property and what your payments will be
- demonstrate that you are a serious buyer which helps when negotiating with sellers and agents
- give you an advantage over others who do not have a pre-approved mortgage as don't have to put a 'pending financing' clause in your offer to purchase
- protects you against mortgage rate increases as the rate is usually guaranteed for at least 30 days
Financial Planning Options
As well, there are other experts in the field to assist you with your Financial Planning in order to pay your mortgage, and other debts, off more quickly - click here to find more information on your options.
As shopping for a mortgage can be very time consuming, you might want to consider using the services of a mortgage broker .
What do Mortgage Brokers do?
A broker's role is to find you the best deal on a mortgage that meets your needs.
Why use a Mortgage Broker?
One stop shopping. Brokers have access to a variety of lenders, are knowledgeable about the various products offered, and know of changes in rates/terms on a daily basis. They can provide you with more choices in a competitive business. A mortgage broker will screen potential mortgages and present you with a number of options that might meet your needs.
Except in rare circumstances, there is no charge to you for using their services. Brokers are paid a 'finders fee' by the lending institution that you choose. As the fee is similar for most lenders, there is no incentive for a broker to recommend one lender over another. The lender can therefore remain impartial and can focus on you and what best meets your needs.
