If you want to own a house in Canada in the fastest way possible, then getting a mortgage is an option that you will seriously want to consider.
A mortgage is a loan that will allow you to purchase a house or real estate property that you want. Since it is a loan, a security is needed, and in this case, the property that you will be purchasing is used as security for your loan. When getting a mortgage, you and the lender of the funds will have to agree upon the terms of payment of your loan; how long will the payments be made as well as how much the interest will be? Breach these agreements however, and you will see yourself evicted from the property you have purchased, and that property sold off by the bank in order to make up for the money that you have borrowed.
One of the major factors that affect mortgages is on how high the interest rates would be. A general idea is that the shorter time you will require paying the debt, the lower the interest rates charged. If you decide to choose a long-term plan, say for example you choose to pay off your debt in 10 years’ time, and then the interest rate charged will be significantly higher.
A quick look at what are the current mortgage rates in Canada, you will see that a one year term mortgage will give you an interest rate of around 2.8%, while on the other end of the spectrum, a long term; 10 year mortgage will give you an interest rate of around 4% to 4.5%.
These interest numbers may be small, but considering that the amounts loaned range from the hundreds of thousands and even millions of dollars, those small percentages above equate to substantial sums of money.
When it comes to mortgages, it usually is the interest rate that makes it difficult to pay off the debt. Considering that rates are substantial, the high cost of them makes a lot of people shy away from opting for a mortgage in order to purchase their dream house.
If you really need to have a house for a number of reasons, but do not like the idea of paying huge rates in the mortgage, then a mortgage broker like MortgagePal just might be able to help you out with your problem.
MortgagePal thoroughly guides clients through the processes and requirements in a mortgage, making it as smooth and hassle free as possible. However, the biggest advantage that clients can reap from the service is the MortgagePal guarantees that they will be able to get the lowest rates possible for the mortgage. In fact, they are so confident that they can give the lowest mortgages rates, that they are willing to give the client $500 if they are not able to do so. Combine this ability to get the lowest rates with their proper client support and the fact that they will not require commission, and there is no doubt that MortgagePal is the best mortgage broker you can find in Canada today.