Mortgages

Mortgages: Let's Get You Home

Whether you are a first-time homebuyer or 10th-time home buyer, you probably can’t escape the word "mortgage". Back in the good ole days, getting a mortgage meant going to your bank and taking the first offer that comes your way. Now, the mortgage game has evolved. Finding the right mortgage can even be done in the comfort of your own home, with many online brokers offering their services wherever and whenever.

Getting a mortgage can be overwhelming, especially if it is your first time buying a home. It can be confusing to know where to start and how to find the best rates. No sweat. We have everything you need including first-time buyer tips, getting pre-approved, and refinancing your mortgage. Our articles are constantly updated to give you the most recent information on mortgage rates, lenders, and brokers.

Our Favourite Brokers

Best Customer Service

Homewise

wealthsimple
  • Excellent Customer Reviews
  • Completely Free
  • The lowest rates available from over 30 banks

Best Features

Questortgage

Moka / Mylo
  • Ability to create your own pay scheudle
  • Skip a payment if needed
  • Excellent user experience

Top Online Brokerage

Nesto

Questrade
  • Free
  • Provides at least 3 options
  • Helped over 210,000 Canadiain under 5 years

Getting a Mortgage in Canada

A mortgage is a loan that allows you to purchase a property without having the cash up front. Because most of us don’t have hundreds of thousands of dollars readily available, mortgages are extremely common for both home and business owners.

Acquiring the best loan can be daunting. It is dependent on your financial situation and based on factors such as your downpayment, credit score, and income. Currently, the average price of homes in Canada has hit an all-time high, and it seems like the value of homes is continuing to increase. Receiving a mortgage means locking yourself in a legal agreement with a lender for 5, 10, 15, or 30+ years.

Wealth Rocket is here to help you decide which lenders and brokers have provided reliable and consistent service in Canada so you can be confident in your mortgage decision.

How to Get the Best Rates

A big factor in getting a good loan? The right rate. Getting the best rates in Canada can be a tedious task, but definitely worth the extra work. Lucky for you, doing the work has never been simpler. Online brokers make it easy to find the best rates from the comfort of your own home. Prefer face-to-face interaction? We've reviewed some of the best brokers in Canada, so you can be sure you're working with experienced brokers and receive a variety of loan options.

Our advice: Go to as many brokers as you can. Brokers usually don't charge a fee and receive a commission from the lender. Going to a broker is at no cost to you, and finds you the best lender for your situation.

Variable-rate or fixed-rate? 5 or 10-year mortgage? Can I make prepayments?

All questions your broker will consider when finding the best lender for you. Find a mix of online and in-person brokers to discover a variety of rates and term lengths. Different brokers will receive different rates from lenders and the approval process is simple to repeat.

Mortgage Basic Terms

Mortgage: A legal agreement between a homebuyer and a lender, where the lender supplies the money for a property and the homebuyer repays the amount in full with interest payments. If the homebuyer is unable to fulfill their payments, the ownership of the property is transferred to the lender.

Lender: The "loan giver" - usually a bank or private institution.

Broker: An individual or firm that acts as an intermediary between a lender and a homebuyer. Instead of going right to a bank or private institution to receive a mortgage, a broker has access to multiple lenders to give you a variety of options.

Downpaymen: The initial amount of money a buyer puts towards a property. The minimum amount for a downpayment in Canada is 5% of the property, but it is recommended to put down at least 10-20%. The more upfront cash you have available, the more flexibility you can receive on the term length and interest rate.

Interest Rates: The cost of borrowing; usually expressed as a percent of the total loan.

Variable Interest Rates: A variable interest rate will fluctuate, depending on market rates. Each payment will adjust based on the interest rate on the payment date. These tend to be less than fixed rates because the rate is less risky for the lender.

Fixed Interest Rates: A predetermined rate that will remain constant over the term length.

Term Length: The time it will take to pay off your loan.

Mortgages for Millennials

You've saved some money - now what? Congrats, the first step is done. Wealth Rocket is here to guide you through the home buying process as seamlessly as possible. We're not going to sugar coat it - homes are a long-term investment and thorough research should be done before one is purchased. But we've done the research. Our goal is give millennials a one-stop-shop for their personal finance journey. Check out our mortgage guides and reviews for articles created by millennials, for millennials.

Mortgage Broker Reviews

Woman using Homewise to find Mortgage

Homewise Review

Homewise Review: Make Your Next Mortgage Digital Advertiser Disclosure Welcome to our Homewise review. Homewise

Read More »
Looking for mortgage rates at Nesto

Nesto

Nesto Review 2022 Advertiser Disclosure Finding the best mortgage rate can be one of the

Read More »

Mortgage Guides