Our mortgage rates are always competitive.

HomeHow stays up-to-date with all the available posted rates in Calgary and surrounding areas. Buying a Home is definitely a huge commitment, that is why we pride ourselves on making sure that you get the best prime rate. 

Today's Mortgage Rates
Fixed Rate
1-Year: 3.24%
2-Year: 3.09%
4-Year: 3.24%
3-Year: 2.99%
5-Year : 2.79%
Mortgage Qualifying Rate: 5.34%
Variable Rate
3-Year: 3.00%
HELOC: 4.45%
5 Year: 2.94%
Short-term Rate
6 Month: 3.30%

Tips on how to guarantee the best mortgage rates!

It is clear that most Homebuyers are rate-sensitive. However, lower rates doesn't always mean the most savings. Here's how we recommend Homeowners to get the best possible rate in a competitive mortgage market:

The lowest interest rates are often too good to be true

Do not focus too much on just the interest rate. You could be tempted to choose the lender offering 0.10% lower than all the other mortgage brokers BUT that lower rate will soon bite into that wallet for these reasons:

    • abnormal high penalties for early termination
    • inability to break mortgage before maturity, even if you are willing to pay a penalty
    • restricted prepayment options; you won't be able pay your mortgage faster

Plan ahead and know your situation

Define your scenario by asking yourself the following questions:

  • How good is my credit?
  • What kind of home am I buying?
  • How big of a mortgage do I want? 
  • Can I afford mortgage payments without sacrificing my quality of life?
  • Am I making a stable income?   

Connect with 3-4 different loan officers from different lenders. Let them know of your scenario. It shouldn't take too much time since you've planned ahead! Ask each representative "What is the best mortgage option for me?"

Guarantee the mortgage rate that YOU deserve

Most lenders and rate comparison websites tend to advertise the lowest rates to attract Homeowners applications. Despite the appeal of these rates, they may be restricted to:

  • Home purchase only
  • A mortgage that will close within a very short period of time
  • Applicants with exceptional credit and very stable employment

Lock in your rate 

Once you have insured that you have the best mortgage offer, ask your lender to lock in the best rate that works for you. After the rate is locked, you will avoid increases or decreases to the rate while the mortgage is in process.

Consider a mortgage broker

A good mortgage broker can save you a lot of time and money by understanding your situation while finding the best offer for you. Mortgage brokers also have access to a variety of lenders allowing you to have options as opposed to going to a bank. 

Please feel free to contact us for more information. We are always willing to give you the best advice for your unique situation.

For the best Calgary mortgage broker, contact a HomeHow mortgage specialist!

 

Know your Rates

We know the real estate terminology can be quite the stress test. Listed below are the key elements of mortgage rates that you should know before committing yourself to a full-time mortgage.

Fixed Rate Mortgages

The interest rate attached to your fixed mortgage is unchanging. This means the rate will not change until it is time to renew your mortgage at the end of your term.

Your monthly payments will be consistent throughout the entirety of your term so you aren’t taking on much risk.

For example, if oil prices increase, inflation in the housing market is created and interest rates rise. For first time Homebuyers, fixed rates tend to be more popular. You can budget your expenses per month when you know exactly what your payment will be. You don’t have that kind of reassurance with a variable rate.

Variable Rate Mortgages

A variable interest rate, also known as an ‘adjustable’ or ‘floating’ rate, is a changing rate attached to your mortgage. The variable rate fluctuates based on the prime rate.

Your monthly payment will be affected by this type of rate. If the interest rate increases, so will your monthly payments and vice versa.

Variable mortgages usually come at a lower rate compared to a fixed mortgage because you are taking on more risk with the potential of rising rates.

Prime Rate

A prime rate is the lowest interest rate offered by banks for borrowing money. The prime rate in Canada is currently 3.95%. The Bank of Canada sets the policy interest rate and each independent bank sets their prime rates accordingly.

However, big banks tend to have the same rates across the board in order to compete.

Posted Rate

A posted rate is the interest rate that banks and other lenders publicly announce. Posted rates are often high so the banks can get borrowers to negotiate the numbers down to what the bank is actually willing to offer.

Banks use this technique hoping that less experienced Homeowners will take whatever rate is offered to them without doing their research. This leads the bank earning more interest off your monthly payments.

Despite all the tricks, a mortgage broker will never rope you into accepting the posted rate. Instead, they will find you the lowest rate available according to your financial situation.