Mortgage Rates for Your Ottawa Home

When looking into the Ottawa real estate market, remember that your mortgage may make or break your budget and the sale.

There are two kinds of mortgages in Canada: fixed and variable. Fixed mortgage rates in Ottawa sit between 2.5% and 5% depending on the lender and length of your mortgage. Variable rates are constantly changing and your mortgage will be a slightly different amount monthly as a result.

Depending on your income, either mortgage type might be right for you. Remember that the property price of your home ultimately makes your mortgage payment and the interest rates are only a small portion of what you will be paying every month.
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Deciding to buy a home is a big decision for anyone, but the concern over mortgage rates on Ottawa homes can become an issue.
Mortgage rates come in two varieties: fixed and variable. Fixed mortgages have an assigned interest level for a certain amount of years, for example 2.79% for 5 years. After the 5 year term, it is possible to go in and renegotiate this interest level or attempt to keep it the same. This mortgage type is the most common in Canada, as its stability and regularity are selling points to many homebuyers.


Variable mortgages are typically fixed for a small sum of years and then opened up to changes. Rates can vary depending on the financial markets at the time, meaning the monthly mortgage payment can vary from month to month. These mortgages can be riskier for borrowers and are generally less popular in Canada. However, these mortgages are shown to be less expensive in the long term, as their riskiness is rewarded with an overall lower interest rate. 


With any home purchase, the property value is always the most expensive aspect. Regardless of the type of mortgage you get and the interest rate you secure, the price of the house will always be the deciding factor on the bulk of your mortgage for your Ottawa home.  


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