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How to Compare Mortgage Rates in Canada

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Part of the video series: Money Management

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Summary: In Canada, mortgage rates tend to have lower interest rates on balance than mortgage rates in the United States. Find out which mortgage rates are available by institution at bankrate.com with help from a registered financial consultant in this free video on calculating mortgage rates.

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By Patrick Munro
eHow Presenter

Contact: www.northstarnavigator.com

Patrick Munro's affinity for investing and financial matters began more than 20 years ago with business education and service throughout the ranks of the banking, insurance and...read more

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"This is financial advisor Patrick Munro talking about how to compare mortgage rates in Canada. Mortgage rates in Canada are similar to what the mortgage rates are in the United States. However, the economy runs in a different cycle, so they tend to have lower interest rates on balance than they do in the United States. The way to compare mortgage rates are going on to bankrate.com and bankrate.com will basically give an idea of what type of mortgage rates are available there by financial institution. You can also get in touch with a Canadian bank and sit down and try to find a bank that you're comfortable with and explain your situation. Also, explain your FICO score and take down an initial application so that the banker can get a feel on who you are and what type of a credit risk you may be. And then finally you can make application to the mortgage company. If they come back with a fee driven structure that you're not comfortable with, you can then go to a competing Canadian bank and they will in turn compete for that business, hopefully resulting in a better comparable rate for you. This is financial advisor Patrick Munro talking about how to compare mortgage rates in Canada."

eHow Article: How to Compare Mortgage Rates in Canada