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(Toronto, ON) Mortgage rates vary greatly based on multiple factors. The selected lender, whether the rate is variable or fixed and the term length of the loan are important in this process, thus potential homebuyers need to gather information on current interest rates before selecting a mortgage product. For example, on March 18, 2017, a five-year fixed rate could be 2.39 percent, while a 3-year variable rate could be 2.25 percent with prime 0.45. Individuals looking to obtain a home should head to Which Mortgage ( with information about the amount they wish to borrow, interest rates for different loan products and the loan period to determine which option best fits into their budget.
“A home is the most expensive purchase most individuals will make in their lifetime. Any money that can be saved in the process is appreciated, which is why people need to compare mortgage products. The calculators offered at Which Mortgage make this task much easier,” Kimberly Banks,spokesperson for Which Mortgage (whichmortgage.ca), explains.
Before comparing mortgage loans and interest rates, however, an individual need to know how much home they can afford. This involves a great deal more than the mortgage payment each month. In order to determine this amount, the borrower needs to provide information regarding the income of the borrower or borrowers, monthly expenses, the amount of debt held by each borrower and more. Lenders take this information into account when determining how much they would like to provide the borrower for this purpose.
“When gathering this information, a potential borrower needs to take into account expenses they may not have at this time. This includes items such as home maintenance and repairs that will come with the purchase of a new home. Although this may not be factored in by the lender, as the borrower doesn’t have these expenses before the purchase, the home buyer will find this information to be of great help once the purchase is complete. It helps to ensure the borrower doesn’t purchase more home than they can afford,” Banks continues.
Numerous mortgage calculators are offered on Which Mortgage, including a CMHC mortgage insurance calculator and a refinance mortgage calculator. Individuals are at different stages in their life, thus one calculator will not meet the needs of all. The site takes this into consideration and offers a wide range of tools, so all who visit can find the information they need in a timely manner.
“Visit Which Mortgage today and try these calculators. Individuals who do so find they can compare multiple scenarios in a short period of time. Doing so allows each potential buyer or homeowner to find the solution that best fits their current needs,” Banks announces.
About Which Mortgage:
Which Mortgage functions to provide readers with a helpful mortgage-related information resource. The website features valuable tools, including mortgage calculators, rate comparisons and a news section that is regularly updated. The Expert Advice section dispenses valuable tips, tricks and knowledge provided by some of Canada’s leading mortgage and financing experts. Designed with the first-time homebuyer and real estate investor in mind, Which Mortgage continues to be the one-stop shop for everyone’s mortgage needs.
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