Arrange a FREE call back from an expert
1-866-462-4779
RateSupermarket.ca > Frequently asked questions (FAQ)
RateSupermarket.ca FAQs
RateSupermarket.ca has listed some questions which you may have when browsing the site and we'll update these regularly.
Please feel free to email us at faq(at)RateSupermarket.ca with any questions you may have.
Compare quotes now for:
 |
|
|
|
|
|
|
Q. How long will it take to compare Canadian mortgage rates?
A. RateSupermarket.ca's quick and easy mortgage rate comparison tool allows you to shop and compare mortgage rates in your province very quickly. This should take less than 30 seconds, but may differ depending on your internet connection.
Q.What will you do with all the information I provide?
A. RateSupermarket.ca doesn't save your information when you shop and compare mortgage rates on the site. You can search, compare and speak to a mortgage lender or broker without providing any personal details.
You can choose to sign up to our newsletter, and we'll keep your details, only to send the newsletter to you. You can choose to unsubscribe at any time without hassle. You can see our privacy policy here for more information, but rest assured that your details are kept confidential.
Q. How do you compare mortgage rates?
A. RateSupermarket.ca asks you to tell us about the mortgage your shopping for, then we automatically search our mortgage partners which include banks, credit unions, trusts, mortgage companies, savings and loans, insurance companies and brokers, to find the the best mortgage rates in our system.
We then present the rates to you, in an easy to use format, providing the option for you to compare more details than just the rates, such as if the mortgage is portable, assumable or offers a rate guarantee. You can then choose to speak to a live representative from the mortgage lender or broker about the rate or go to their website for more information.
Please keep in mind, that RateSupermarket.ca isn't a mortgage lender or broker, but we're just providing information to try and make your mortgage search easier!
Q. What are the different mortgage rate types?
A. The main mortgage rate types that RateSupermarket.ca compares are:
- Fixed closed rate: the mortgage rate is set for a fixed period of time (6 months - 20 years), and you are locked in to that period (you can't pay the mortgage off early without incurring a penalty or charge)
- Fixed open rate: the mortgage rate is set for a fixed period of time (6 months - 20 years), however, it can be prepaid or paid off in full at any time without a penalty. The term of an open mortgage is usually one year. Open mortgage usually have a higher interest rate than a closed mortgage of the same term due to its flexibility.
- Variable closed rate: the mortgage rate can fluctuate during the term, and you are locked in to that period (you can't pay the mortgage off early without incurring a penalty or charge)
- Variable open rate: the mortgage rate can fluctuate during the term, and you are able to pay off the mortgage at any time without receiving a penalty fee or charge
Q. What are the different types of mortgage payments?
A. The mortgage payment options are are:
- Monthly - Made once a month or 12 times per year.
- Bi-weekly - Made every 2 weeks or 24 times/ year, such and are 1/2 of the monthly amount. You end up paying the same amount over the course of the year as you would with the monthly option. Bi-weekly payments may help with cash flow if you time them in line with receiving your pay cheques.
- Bi-weekly rapid - Made every 2 weeks and is equal to the monthly payment divided by 2. This assumes all months have 4 weeks, therefore, there are 26 times payments/ year (resulting in a higher payment than the normal bi-weekly) and shortens the length of time (amortization period) it takes to payoff your mortgage. Hence the term "rapid or accelerated".
- Weekly - This option multiplies your monthly payment by 12 months and divides it by 52 weeks in a year. Again, you pay the same amount in a year as the monthly option.
- Weekly rapid - Made in the same day every week and is equal to the monthly payment divided by 4. This assumes all months have 4 weeks, resulting in you paying a bit more each month and results in the equivalent of 1 additional month's payment each year. Similar to the bi-weekly rapid payment option, this shortens the length of time (amortization period) it takes to payoff your mortgage. Hence the term "rapid or accelerated".
Q. Which company's mortgage rates do you compare?
A. You can see the full list of our mortgage broker, lender, credit union and trusts partners here.
If you are unable to find an answer to your question, please contact us.
