Saskatoon Mortgage Rates
Current Mortgage Rates
When looking at Mortgage interest rates, be assured:
We choose the best rate from over 20 lenders across Canada
We offer a 120 days low rate guarantee!
PLEASE NOTE:
Rates are subject to change without notice.
For the most current rates in Saskatoon, call (306) 244-7755.
What are the Best Saskatoon Mortgage Rates?
Our Saskatoon mortgage broker team at Mortgage Now Inc. will find and compare Saskatoon mortgage rates for you!
The best mortgage rates are still at historic lows. With these rates, homeownership has never been more attainable. However, low mortgage rates are only one aspect of choosing a lender, we know finding the best rates is the first step, and we keep our website up today with Saskatoon’s best mortgage rates! Our Team understands the home buying process can be nerve-wracking, but we aim to make it stress and hassle-free for you!
Fixed-Rates
A fixed mortgage offers you the security of locking in your interest rate for the term of your mortgage, so you know exactly how much principal and interest you will be paying on the mortgage during the term. Terms range from 6 months to 10 years.
Fixed-rate mortgages offer some form of pre-payment, from 10% to 25% of the original mortgage balance each year, depending on the lender. If you wish to pay off your mortgage in full, there will be a penalty of either 3 months simple interest, or an Interest Rate Differential (IRD).
The benefit of this mortgage is the rate is lower than an open mortgage, making it a more popular option if you have no plans to pre-pay it in full during the term you select.
Variable Rates
A variable-rate mortgage allows you to take advantage of today's low Prime Rate. Most variable rate products are set below prime, terms range from 1 to 5 years. Payments vary depending on the product or lender you choose.
In some cases you can fix your payments for up to 5 years, but the interest rate will fluctuate as the Bank Prime Rate changes. In other cases your monthly payments will fluctuate depending on how many times the Prime Rate changes during your term.
Open Rates
An open mortgage allows you the flexibility to pay off some or the entire mortgage at any time, without penalty. Interest rates are usually higher and are tied to the Bank's Prime Rate
Secured Line of Credit/Heloc
A secured line-of-credit allows you to access the equity in your home whenever you choose. Rates are tied to prime, usually slightly above prime. Required payment on the balance is interest only, making it a good choice where cash flow may be important. Lower interest rates compared to an unsecured line of credit. You may have a secured line of credit and a mortgage if you have good equity in your home.
Payment Frequency
If you are currently shopping for a mortgage, you may have heard about how your payment frequency can affect your amortization and save you money in the long run so make sure you pick the one that will fit your budget, pay frequency, and mortgage strategies.
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A monthly mortgage payment is when your mortgage payment is withdrawn from your bank account on the same day of every month (i.e. on the 1st). With a monthly mortgage payment, you make 12 payments per year.
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Semi-monthly mortgage payments are structured for the borrower to make payments 2 times per month, for instance, on the 1st and 15th of each month. ... If payments are structured to be paid on two dates per month, such as the first and 15th days of each month, the borrower will make 24 annual payments.
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A bi-weekly mortgage payment is when your monthly mortgage payment is multiplied by 12 months and divided by the 26 pay periods in a year. With a bi-weekly mortgage payment, you make 26 payments per year.
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A weekly mortgage payment is when your monthly mortgage payment is multiplied by 12 months and divided by the 52 weeks in a year. With a weekly mortgage payment, you make 52 payments per year.
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The main difference between regular bi-weekly payments and accelerated bi-weekly payments is the number of payments you make per year. When you pay bi-weekly, you make a payment twice per month - giving you a total of 24 payments made in one year. With the accelerated bi-weekly option, you make a payment every two weeks, which turns out to be 26 payments in one year.
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An accelerated weekly mortgage payment is when your monthly mortgage payment is divided by four and the amount is withdrawn from your bank account every week. With an accelerated weekly mortgage payment, you still make 52 payments per year but the payment amount is slightly more than a regular weekly mortgage payment.
As you can see in the example, 'accelerated' bi-weekly or weekly payments save you a lot of money over the life of your mortgage. By taking your monthly payment, splitting it in half and paying it bi-weekly you end up making an extra month’s worth of payments every year (26 two-week periods). For those who are paid bi-weekly, accelerated biweekly payments are both convenient and a great way to make what equates to one month’s extra payment each year.
The example above is for a $200,000 mortgage amortized at 25 years at 4.5%.
