Find The Best Mortgage Rates in Clarington, Ontario
5-year Fixed Rate
3.94%
High Ratio Mortgage
5-year Variable Rate
4.10%
Most Banks Current Prime Rate 4.95%
Get daily updated Canada mortgage lending rates from top lenders in Clarington, Ontario.
Speak with licensed mortgage brokers to secure the best mortgage rates and lowest mortgage rates in Canada on your terms.
Not Just the Best Mortgage Rate
With over 20 years of experience in the mortgage industry, we’ve been dedicated to helping Canadians save on their mortgage borrowing costs. We’ve seen it all and know what it takes to secure the best deals for you!
Your financial situation is unique—it’s your shelter, your home. That’s why we work tirelessly, negotiating with dozens of lenders across Canada to find you the best mortgage rates tailored to your specific needs.
Our team of experienced mortgage brokers is specially trained to identify opportunities within your income, credit, and assets. We build a strong case to present to our network of trusted lenders, ensuring you get the most competitive home loan rates in Canada.
Whether you’re looking for mortgage brokering services, broker mortgage loans, or simply the best mortgage rates in Canada, we’re here to guide you every step of the way. Let us help you make the most of your mortgage journey!
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Banks, Credit unions and branchless mortgage lenders compete with your bank's business.
Working with rateshop.ca can get you lower rates than your bank, with the same features like a home equity line of credit or options like pre-payment privileges.
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Access to Canada's Mortgage Lenders
When you work with RateShop Mortgage, you can access lower mortgage rates than what your bank offers, all while enjoying the same great features like a home equity line of credit or flexible options such as pre-payment privileges.
Our well-connected network of lenders allows us to monitor Canada mortgage lending rates regularly. But we go above and beyond—scouring the internet and collaborating with our lenders to secure better-than-average industry rates. This means deeper discounts and more savings for you.
At RateShop, Canadians gain unfiltered access to the best mortgage rates and home loan rates in Canada. With connections to over 65 mortgage lenders across all provinces, we ensure you get the most competitive mortgage brokering services and broker mortgage loans tailored to your needs.
Whether you’re working with a mortgage broker, exploring mortgage brokerage options, or seeking the expertise of mortgage brokers, RateShop is here to help you find the perfect solution for your home financing goals.
Our Mortgage Brokers in Clarington
RateShop Mortgage Brokers specialize in delivering tailored mortgage solutions designed to help clients secure the best mortgage rates in Canada. With a deep understanding of local real estate trends, particularly in Clarington, we leverage our expertise in Clarington mortgage rates to provide the lowest mortgage rates for a variety of property types and financial situations. Whether you’re purchasing, refinancing, renewing, or exploring a home equity line of credit, we work closely with you to compare mortgage rates and lock in the most advantageous deals. Our in-depth knowledge of local lending programs and incentives ensures you maximize your financial benefits.
By tapping into a vast network of lenders, RateShop mortgage brokers help you save on mortgage costs, often securing better deals than major banks like TD, RBC, BMO, and CIBC. We compare Canada mortgage lending rates from over 65 lenders, including banks, credit unions, and monoline lenders, to find low mortgage rates and the best mortgage deals in Canada. This approach allows us to match your unique financial needs with the most competitive home loan rates in Canada, saving you thousands over the life of your mortgage.
Whether you’re working with a mortgage broker, exploring mortgage brokering services, or seeking brokered mortgage loans, RateShop is committed to helping you achieve your home financing goals. From best mortgage rates Clarington Canada to Canada low mortgage rates, we’re here to guide you every step of the way.
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Finding the Right Mortgage
Don't lock in just because your neighbour did! Mortgage terms vary from 6 months all the way up to 10 years and you can choose based on your family financial needs. Are you selling soon? Or maybe you want to invest in 2 years. Maybe you want some flexibility, the choice is yours but make it an educated one when you talk to our commission-free mortgage advisors to help you decide on what offers the best mortgage rate and highest savings.
| Fixed Rates | Mortgage Expert Insights |
|---|---|
| 1 Year Fixed Rate |
Great solution for a short-term mortgage needs, renewals can be competitive but rates can go up at maturity without notice. Perfect for new builds to sell after a year or refinance for equity. |
| 2 Years Fixed Rate |
More flexible, a longer duration to support a family need for a couple of years or planning an exit from an existing mortgage without penalties. |
| 3 Years Variable Rate |
3 Year terms can sometimes deliver the best savings, but are typically suggested in a low rate environment, consider a variable too since upon maturity you may get stuck with a higher renewal. |
| 4 Years Fixed Rate |
Banks use this to gain your business, but if you are saving atleast 20-30bps, definitely consider a 4 year term mortgage, compare your savings on a 5 year mortgage term. |
| 5 Years Fixed Rate |
On average, households will upgrade or alter their mortgage about every 5 years, avoiding penalties upon maturity and best rate savings. |
| 5 Years Variable Rate |
Usually recommended in lower rate environments, beat the bank on mortgage penalties and optimize your savings compared to a fixed mortgage offer for the same term. |
Where is the Mortgage Market heading?
History can teach us a lot, check out Canada's mortgage rates history over the past 48 years. Bank of Canada tracks conventional mortgage rates for 3 year and 5 year terms. We can help with understanding the pros & cons to a fixed mortgage rate vs. a variable mortgage rate.
Explore Our Mortgage Options
With recent mortgage rate increases, Canadians are increasingly focused on finding flexible mortgage options that align with their financial goals.
At RateShop, we work closely with our clients to uncover mortgage savings by exploring a variety of offers from multiple lenders. While securing the best mortgage rates in Canada is important, it’s not the only factor in achieving long-term financial stability.
Our experienced mortgage brokers take the time to assess your unique needs, qualifications, and long-term financial goals. Whether you’re looking for home loan rates in Canada, broker mortgage loans, or the best mortgage deals in Canada, we’ll guide you toward the right solution.
By leveraging our expertise in mortgage brokering and access to Canada low mortgage rates, we ensure you get a mortgage that works for you—today and in the future. Let us help you navigate the complexities of mortgage rates and Canada to find the perfect fit for your financial journey!
Learn how to create a monthly income by investing in mortgages
Learn how to create a monthly income by investing in mortgages
About Clarington, Ontario
Clarington, located in Ontario, ranks as one of the prominent municipalities in the Durham Region. In 2021, Clarington had a population of approximately 105,000 residents, showing steady growth from the previous census of 2016, where the population was around 92,000. Clarington covers an area of approximately 596.19 km² and is known for its mix of rural and urban communities, offering a blend of suburban living with access to the city of Oshawa and Toronto. The population density in Clarington is lower compared to larger urban centers, reflecting its more spacious layout, with a population density of approximately 176.5 residents per square kilometer. As Clarington continues to grow, it remains an attractive option for individuals and families seeking a more affordable and peaceful lifestyle while being close to major urban centers.
Clarington's Real Estate Landscape
Clarington, Ontario, is an up-and-coming community located just east of Toronto, offering a more affordable real estate market compared to the high-priced urban centers of the GTA. The average price for a detached home in Clarington is around $800,000, making it an attractive option for first-time homebuyers and families looking for more space. The area’s housing market is diverse, with a wide range of properties including single-family homes, townhouses, and condominiums, catering to various budgets and lifestyles. Compared to nearby cities like Oshawa or Whitby, Clarington remains relatively affordable, making it an appealing choice for those seeking the benefits of suburban living without the high costs associated with downtown Toronto.
The community is experiencing steady growth, driven by its affordable housing options and increasing demand for suburban living. Clarington is well-connected to Toronto, with major highways such as Highway 401 and the upcoming GO Transit expansion, offering convenient access to the city for commuters. As more people move to the area, local amenities have been expanding, including shopping centers, schools, parks, and recreational facilities. The area's strong sense of community and family-friendly environment continues to draw in those seeking a quieter lifestyle, yet still close enough to the amenities of the larger urban centers.
While the real estate market in Clarington is growing, it is still considered an ideal area for investors, particularly those interested in rental properties or long-term capital appreciation. With an expanding population and increased demand for homes, there is a steady need for rental properties in the area. The market in Clarington has been relatively stable, with a healthy mix of residential, commercial, and mixed-use developments, making it an excellent option for property investors seeking opportunities outside the crowded and expensive real estate markets of downtown Toronto.
PROPERTY USE
If you are buying a property to live in Clarington as a primary residence, also known as a principal residence, you are eligible for the lowest mortgage rates available. The mortgage rate will generally be lower for owner-occupied properties compared to those intended as rental investments. Clarington has a mix of primary residences and rental properties, and lenders may adjust their rates based on whether the property is being used for personal living or as a rental. For investment properties, such as those intended for short-term or long-term rental, mortgage lenders will assess the intended use and pricing accordingly.
Our Mortgage Brokers work with a variety of lenders to provide you with specialized financing options for investment rental properties, including owner-occupied, mixed-use, or semi-commercial properties. If your property has an in-law suite or a basement apartment, it could qualify for both owner-occupied and rental mortgage approval, still allowing you to receive competitive rates. Whether you're purchasing, refinancing, or renewing a mortgage on a student rental, duplex, or multi-unit property that generates rental income, we can help secure the best mortgage rates available in Clarington.
For eligible owner-occupied properties in Clarington, Canada Mortgage and Housing Corporation (CMHC) allows purchases of up to 2 units with a 95% loan-to-value ratio, and properties with up to 4 units may be eligible for financing with a 90% loan-to-value ratio. These programs are ideal for those looking to purchase multi-unit homes or properties with additional rental income potential, all while securing favorable terms on their mortgage.
Best Mortgage Banks, Lenders in Clarington, Ontario
Rateshop.ca works with all banks, credit unions, and monoline lenders across Canada, offering you a variety of options to find the best mortgage rate in Clarington. Our mortgage brokers focus on helping you select the most competitive lender, leveraging various promotions available in Clarington to ensure you get the lowest possible mortgage rate. With access to an extensive range of lenders, we can tailor our advice to match your specific needs, and guide you through the different lending processes in the Clarington area.
Lenders such as TD Bank, Scotiabank, Meridian Credit Union, and DUCA Credit Union may have local branches in Clarington, providing personalized service and face-to-face consultations. However, branch locations may sometimes come with slightly higher rates due to operational costs. On the other hand, many online-based lenders like First National, MCAP, RMG, ICICI, CMLS, and Equitable Bank offer similar services without a physical branch in Clarington, providing you the convenience of managing your mortgage from home while securing competitive rates.
Some mortgage lenders also offer special deals or promotions for local customers in Clarington, which may include additional benefits such as cashback offers or reduced closing costs. By working with our mortgage brokers, you can navigate these options effectively to find the best mortgage solution that suits your needs.
Mortgage Programs Offered in Clarington
When buying a property in Clarington, Ontario, your down payment plays a significant role in determining your eligibility for insured, insurable, or uninsured mortgage programs.
Insured mortgages in Clarington start with a minimum down payment of 5% for properties up to a maximum purchase price of $500,000. For purchase prices between $500,000 and $1,000,000, a 10% down payment is required for the amount over $500,000, in addition to the 5% on the first $500,000. The maximum allowable Gross Debt Service (GDS) ratio is 39%, and the Total Debt Service (TDS) ratio is capped at 44%. These mortgages are typically the most affordable because they are insured against default, and the insurance premium is added to the mortgage amount, with the amortization period limited to 25 years.
Insurable mortgages in Clarington are available through various banks, credit unions, and monoline lenders, also known as back-end insured mortgages. These mortgages allow for a 25-year amortization and limit the GDS ratio to 39%, with a TDS ratio cap of 44%. However, to qualify for these, the down payment must be a minimum of 20%. The larger your down payment, the better the mortgage rate you will be offered.
Uninsured mortgages in Clarington require a minimum down payment of 20%, and the amortization period can extend up to 30 years. These mortgages typically come with higher interest rates due to the lender’s increased risk, and they are usually available for refinances or purchases where there is no insurance involved. Many lenders will offer Home Equity Line of Credit (HELOC) products under this program.
For mortgage renewals, properties in Clarington may qualify for lower renewal rates if they have a low loan-to-value ratio, an active default insurance policy, and have not changed the amortization since the original mortgage was taken out.
To explore the best mortgage options for your situation and secure the most competitive rates, reach out to our expert mortgage brokers.
Closing Costs in Clarington, Ontario
For any property purchases in Clarington, Ontario, you will be required to hire a local Clarington lawyer to complete the closing process. The lawyer's role is to prepare all necessary closing documents in accordance with Ontario laws, and to ensure the mortgage registration is completed on the property, officially transferring the title into your name.
The lawyer will conduct a title search in the Ontario land registry system, arrange for title insurance, and remit any applicable taxes, including Ontario Land Transfer Tax, which is typically required for real estate transactions in the province. The lawyer will also communicate with the local municipality to confirm the status of property taxes, and handle any conditions set by the mortgage lender. Additionally, the lawyer will disburse any brokerage commissions involved in the transaction.
Closing costs, which include legal fees, land transfer taxes, and registration and title insurance fees, apply to property purchases in Clarington. These costs are typically applicable to home purchases but may be reduced or not apply in the case of refinances, especially if there are no changes made to the title of the property.
Secure Your Dream Home in Clarington: Find the Best Mortgage Rates and Expert Guidance with RateShop
Impact to My Home Buyers in Clarington, Canada
For home buyers in Clarington, fluctuations in interest rates for Canada and Canada mortgage lending rates can significantly impact affordability and purchasing power. Rising rates may reduce the amount you qualify for, making it essential to work with a mortgage broker who can help you navigate these changes. Whether you’re a first-time buyer or looking to upgrade, understanding how mortgage rates and Canada trends affect your budget is crucial.
With home loan rates in Canada on the rise, buyers may need to adjust their expectations or explore alternative options like brokered mortgage loans to secure the best mortgage rates in Canada. A mortgage brokerage can help you compare current mortgage rates in Clarington to ensure you’re getting the most competitive deal for your situation.
How It Affects Fixed and Variable Rates
The choice between fixed and variable mortgage rates is a critical decision for Clarington home buyers. Fixed rates provide stability, locking in your interest rate for Canada for a set term, which is ideal for budgeting in a rising rate environment. On the other hand, variable rates fluctuate with the market, potentially offering lower initial rates but with the risk of increases over time.
With Canada low mortgage rates becoming harder to secure, it’s important to weigh the pros and cons of each option. A mortgage broker can help you analyse trends in mortgage rates and Canada to determine whether a fixed or variable rate aligns with your financial goals. For example, if you’re looking for the best mortgage rates Canada 5-year fixed, a broker can guide you toward lenders offering the most competitive terms.
Qualification Process
Qualifying for a mortgage in Clarington involves several steps, and understanding the process can make it smoother. Lenders will evaluate your income, credit score, debt-to-income ratio, and down payment amount to determine your eligibility. Working with a mortgage broker can simplify this process, as they have access to a wide network of lenders and can help you find the best mortgage deals in Canada.
Getting preapproved for a mortgage is a smart first step. A mortgage loan pre-approval not only gives you a clear idea of your budget but also strengthens your position as a serious buyer. Brokers can also help you explore options like refinancing a mortgage loan or securing a homeowner line of credit if you’re looking to leverage your home’s equity.
Considerations in Finding the Best Mortgage Rate
Finding the best mortgage rates in Canada requires careful consideration of several factors. Here’s what to keep in mind:
Compare Lenders: Don’t settle for the first offer. Use a mortgage brokerage to compare mortgage rates and Canada options from over 65 lenders, including banks, credit unions, and monoline lenders.
Understand Your Needs: Are you looking for the best mortgage rates Clarington -specific rates? Your location and financial goals will influence the best product for you.
Explore Flexibility: Look for features like pre-payment privileges or the ability to refinance your mortgage if needed.
Work with a Broker: A mortgage broker can help you navigate the complexities of Canada mortgage lending rates and find the lowest Canadian mortgage rate for your situation.
Whether you’re seeking the best mortgage rates in Clarington, a broker can help you secure a deal that aligns with your long-term financial goals.
Frequently Asked Questions about Mortgages in Clarington
How to improve your finances with the help of a mortgage?
Consolidate Debt - helps lower your overall interest rate and reduce your monthly payments.
Tax Benefits
Invest in real estate
Use a mortgage to improve your home to increase the value and potentially earn a higher return on investment if you sell it later.
What kind of mortgages are offered in Canada?
Open Mortgage
Closed Mortgage
HELOC (Home Equity Line of Credit)
Reverse Mortgage
Conventional Mortgage
Convertible Mortgage
ARM (Adjustable-Rate Mortgage) or VRM (Variable Rate Mortgage)?
Variable mortgage your mortgage payment amount always remains the same it does not change even if the prime lending rate changes. While adjustable rate mortgage, the amount of your payment changes depending on the prime lending rate.
What mortgage rates are available?
Variable Rates
Fixed Rates
Adjustable Rates
What are today's Best Mortgage Rates?
4.29% - 5 year fixed
5.45% - 5 year variable
You can work with a Rateshop.ca Mortgage Advisors to help you compare options from multiple lenders and find the best mortgage for your needs. It's important to consider not only the interest rate, but also other factors such as the term of the loan, any fees or penalties, the lender's reputation and customer service.
What is a downpayment or Equity?
Downpayment is a payment made by the purchaser when buying a property which means the purchaser's initial investment in purchasing a property. While Equity is the value of your house minus the mortgage amount.
What's included in closing costs?
Closing cost is typically 1.5% of your purchase price. This includes but are not limited to
Land Transfer Tax
Lawyer and Legal Fees
Title Insurance
Mortgage Broker Fee
Property Insurance
What is Mortgage Insurance?
Mortgage insurance is an insurance that protects the mortgage lender or title holder if the borrower fails to make payments, dies, or is otherwise unable to meet the mortgage's terms and conditions.
Everything You Need to Know About Mortgages, Refinancing, and Finding the Best Rates
Portable or Transferable Mortgages
A portable mortgage allows you to transfer your existing mortgage from your current home to a new property while retaining the same terms and interest rates for Canada. This can save you from penalties and help you secure the best mortgage rates in Canada without reapplying.
Standard vs. Collateral Mortgages
Understanding the difference between a standard mortgage and a collateral mortgage is crucial. A standard mortgage uses the purchased property as collateral, while a collateral mortgage includes additional properties, offering flexibility to access more funds. However, collateral mortgages may have higher penalties and are harder to transfer to new lenders.
Steps in a Mortgage Closing
Pre-Qualification: Assess your financial situation to determine how much you can borrow.
Approval: Receive a mortgage offer outlining the terms, including Canada mortgage lending rates.
Conditions & Appraisals: Complete lender conditions and property appraisals.
Solicitor Instructions: Your solicitor receives instructions from the lender.
Signing: Review and sign the mortgage agreement and other legal documents.
Funding: The loan is funded, and the property purchase is complete.
Qualification Criteria
To qualify for a mortgage in Canada, lenders evaluate your income, credit score, and ability to pass the stress test.
Income
Lenders assess your gross debt service (GDS) and total debt service (TDS) ratios, which should not exceed 39% and 44%, respectively. Stable income from salaried jobs is preferred, but self-employed individuals can still qualify with the help of a mortgage broker.
Credit
Your credit score, provided by Equifax or TransUnion, reflects your financial reliability. A higher score can secure you the best mortgage loan rates in Canada.
Stress Test
The mortgage stress test ensures you can afford payments if interest rates for Canada rise. You must qualify at a rate 2% higher than your contract rate or the Bank of Canada’s benchmark rate.
Pitfalls of a Bad Mortgage
Avoid these common pitfalls:
Hidden Fees: Always read the fine print.
High Interest Rates: Compare mortgage rates and Canada to find the best deal.
Prepayment Penalties: Understand the costs of breaking your mortgage early.
Hefty Penalties
Breaking your mortgage early can result in significant penalties, including:
Prepayment Penalties: Charged for paying off your mortgage early.
Discharge Fees: Fees to release your mortgage from the property.
Refinance Restrictions
Refinancing in Canada comes with restrictions:
Maximum LTV: You can borrow up to 80% of your home’s appraised value.
Credit Score: A minimum score of 620 is required.
Income Verification: Lenders will reassess your income.
Appraisal Costs: You’ll need to pay for a property appraisal.
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RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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