About Rate Locator

At Rate Locator, we're dedicated to helping you find the best mortgage rates in Canada. Our platform simplifies the process of comparing rates from various providers, saving you time and effort. We believe in providing transparency and empowering you to make informed decisions about your mortgage. Our goal is to help you secure the best possible rate and achieve your homeownership dreams.

Rate Locator strives to provide the most accurate and up-to-date rate information. While we don't set the rates ourselves, we connect you with reputable lenders who can provide personalized offers for you. The qualification requirements will vary depending on the lender and the type of mortgage you're seeking. We recommend reviewing the specific criteria of each lender and contacting them directly to understand your eligibility.

If you qualify, Rate Locator can help you find the best rates available, potentially saving you a lot of money over the life of your mortgage. Our goal is to make the process as smooth and transparent as possible, so you can make an informed decision.

Frequently Asked Questions

What is the mortgage stress test?

The mortgage stress test requires that your lender check if you could still afford your mortgage payments if interest rates were to rise. You must qualify at the higher of either 5.25% or your mortgage contract rate plus 2%.

How much down payment do I need?

For properties under $500,000, the minimum is 5%. For properties between $500,000 and $999,999, it's 5% on the first $500,000 and 10% on the rest. For properties $1 million or over, the minimum is 20%.

Fixed vs. Variable Rate?

A fixed-rate mortgage locks in your interest rate for the entire term, so your payments never change. A variable-rate mortgage fluctuates with the lender's prime rate, so your payments could change.

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