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You get to stay informed on the best mortgage products in the market, because the right product is as important as a low rate.
You save time with our digital mortgage process, quicker than any bank or broker.
You are never charged a fee to close your mortgage through ratebuzz. Our commission-free advisors offer unbiased advice and service.
Insufficient prepayment options
Limited options to port the mortgage
No refinancing capabilities during the term
Mortgage restriction
High rates on variable conversions
High penalties
High discharge fees
The wrong term
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more
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Our technology lets you scan the entire market for the lowest possible mortgage rates that fit your scenario.
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Apply in 5-10 minutes through our fully digital process, and have our mortgage experts reach out to discuss the best product for you.
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Upload your documents directly to our secure online portal, from either a phone or a computer. Once you get approved, you can even sign digitally. No paperwork needed.
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Our experts take care of the rest so you can save thousands quickly and conveniently.
• he home is located in Canada. • The purchase is not subject to any prohibition under the Prohibition on the Purchase of Residential Property by Non-Canadians Act.
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A joint borrower is someone who signs a mortgage, loan, credit card or line of credit agreement with one or more other persons. This is also referred to as co-signing.
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A mortgage rate is the percentage of interest that is charged for a home loan. Mortgage rates change with the economic conditions that prevail.
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The first step in the mortgage application process is to make sure your credit report is error-free, and your credit score is high enough to meet lender requirements.
Read More When you get a mortgage, your contract is in effect for a specific period of time. This is called the mortgage term, and it can range from a few months to five years or longer.
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Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price.
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You may have a mortgage or a loan with a variable interest rate and fixed payments. When interest rates rise, you may reach your trigger rate.
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The difference is that banks are for profit which means they are privately owned or publicly traded where credit unions are not for profit which means they are owned by its members.
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Your total monthly housing costs should not be more than 39% of your gross household income. This percentage is also known as the gross debt service (GDS) ratio.
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When you secure a mortgage with a lender, the contract is for a specific period known as the mortgage term, which can range from a few months to five years or more.
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A mortgage stress test is essential to ensure borrowers can still make payments if they experience negative financial shocks.These might include: • A reduction in income
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A guarantor is someone who backs up someone taking out a loan and agrees to take responsibility for the loan payments in the event the borrower defaults on the loan.
Read More The mortgage term is the length of time your mortgage contract is in effect. This consists of everything your mortgage contract outlines, including the interest rate.
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A monoline lender specializes in one type of lending, unlike banks that offer a variety of services such as checking accounts, investment accounts, and credit cards.
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The interest is the fee you pay to the lender for borrowing money. The higher your interest rate, the higher your mortgage payments will be.
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Optional mortgage insurance products are life, illness and disability insurance products that can help make mortgage payments, or can help pay off the remainder owing on your mortgage
Read MoreFeel free to visit our resources page where we answer frequently asked questions. Don’t see the question you’re looking for? Reach out to let us know what you need help with!
Ratebuzz is completely free. We do not charge any fees to help arrange a mortgage for our clients. Lenders pay us a finders fee directly for arranging the mortgage, at no cost to you.
Banks are always looking out for themselves before the client, and you may get stuck negotiating with your bank to bring your rate down. Some banks just don’t have the best rate or product available either, meaning that you are limiting yourself to their specific options. Ratebuzz compares rates and products with several banks and lenders without favoring one over the other. This means that you will not have to haggle just to get the best quote. With Ratebuzz you’ll never have to step foot into an office.
Ratebuzz works with over 40 lenders, including BMO, Scotiabank, TD Bank, First National, MCAP, XMC, Equitable Bank, Meridian, Duca, RFA, CMLS, and more.
No. We do not pull your credit report without first getting in contact with you over the phone. After which, we will send you a credit bureau consent form to digitally sign which specifically authorizes us to pull your credit report for the purposes of the application. It is only then that we pull your credit report.
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