Find The Best Mortgage Rates in Pickering, 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 Pickering, 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 Pickering
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 Pickering, we leverage our expertise in Pickering 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 Pickering 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 Pickering, Ontario
Pickering, located in the province of Ontario, is ranked as a growing city within the Greater Toronto Area (GTA) and is considered part of the Durham Region. As of the 2021 Census, Pickering had a population of 99,186 residents, showing a notable increase from the previous 2016 census, which recorded a population of 88,721.
The city spans over 232.37 km² and ranks highly in terms of suburban population growth. Pickering's population density is relatively lower compared to larger urban areas, but the city continues to expand due to its proximity to Toronto, providing a balance of urban and suburban living. As the city experiences rapid growth, Pickering continues to evolve into a key location for both residential and commercial development within the GTA.
Pickering's Real Estate Landscape
Pickering, Ontario, is a rapidly growing city within the Greater Toronto Area (GTA), making it an attractive place for both homebuyers and real estate investors. While the cost of living in Pickering is generally lower than in downtown Toronto or Vancouver, it has seen significant growth in housing prices due to its proximity to Toronto, convenient transportation options, and expanding amenities.
As of recent data, the average price for a detached home in Pickering is around $1 million, while condo prices start at approximately $500,000. The real estate market in Pickering has experienced steady price increases in recent years, driven by demand for suburban living with easy access to the city center. The city's growth, combined with new developments and infrastructure projects, makes Pickering an appealing option for homebuyers looking for affordability compared to Toronto, while still benefiting from the conveniences of urban living.
The demand for housing in Pickering continues to rise, and its real estate market remains an attractive option for investors looking for opportunities in the GTA. With a growing population, expanding amenities, and easy access to major highways and public transit, Pickering is expected to remain a desirable place to invest in real estate for years to come.
PROPERTY USE
If you are buying a property in Pickering as a primary residence, also known as a principal residence, you can access the lowest mortgage rates available. However, depending on the intended use of your Pickering property, mortgage lenders may offer higher rates if the property is being used as a rental investment. While Pickering is predominantly made up of primary residences, there has been a growing demand for rental properties. Lenders may assess your property's use and classify it as either a short-term or long-term rental, which can affect the mortgage rate you qualify for.
Our Mortgage Brokers work with a variety of lenders that specialize in investment rental mortgage financing options, including owner-occupied homes, mixed-use properties, and semi-commercial properties. For example, properties with an in-law suite can be considered both an owner-occupied and rental property, which may still qualify you for the best mortgage rates. Whether you are purchasing, refinancing, or renewing a mortgage for a rental property, multi-plex, or even a student rental in Pickering, we can still help you secure the lowest mortgage rates.
The Canada Mortgage and Housing Corporation (CMHC) offers mortgage insurance for owner-occupied properties in Pickering, which allows you to purchase properties with up to 2 units at a 95% loan-to-value ratio and properties with 3-4 units at a 90% loan-to-value ratio. This makes it easier to qualify for financing while keeping your mortgage payments manageable.
Best Mortgage Banks, Lenders in Pickering, Ontario
Rateshop.ca works with all banks, credit unions, and monoline lenders across Canada. With access to numerous options, our mortgage brokers focus on helping you choose the best Mortgage Lender in Pickering, Ontario, offering the lowest mortgage rates available. We achieve this by carefully comparing lenders with the best promotions currently available in Pickering. Mortgage lenders may have their own internal processes for financing your property in Pickering, which is why we make sure you get the best deal.
Lenders such as TD Bank, Scotiabank, Meridian Credit Union, and DUCA Credit Union may have local branches in Pickering, which can be convenient for in-person services. However, sometimes using a local branch may result in slightly higher mortgage rates due to branch-specific pricing. In many cases, lenders like First National, MCAP, RMG, ICICI, CMLS, Equitable Bank, and others offer a similar range of mortgage products online, even if they don't have a physical branch in Pickering. Additionally, some mortgage lenders may offer extra promotions or incentives for Pickering residents, especially if you are a local customer.
At Rateshop.ca, we work with all of these lenders to ensure that you get the lowest rate possible for your mortgage. Whether you're looking to buy, refinance, or renew, we help you make an informed decision that suits your financial goals.
Mortgage Programs Offered in Pickering
When buying a property in Pickering, your down payment plays a significant role in determining your eligibility for insured, insurable, or uninsured mortgage programs.
Insured mortgages in Pickering start with a minimum down payment requirement of 5% for properties with a purchase price of up to $500,000. For purchase prices between $500,000 and $1,000,000, a 10% down payment is required on the amount above $500,000, in addition to the initial 5%. The maximum allowable GDS (Gross Debt Service) ratio is 39%, and the maximum allowable TDS (Total Debt Service) ratio is 44%. These insured mortgages typically come with the lowest rates because the insurance premium against a default is added to the mortgage amount, reducing the lender's risk. The maximum amortization period for insured mortgages is generally limited to 25 years.
Insurable mortgages, also known as back-end insured mortgages, are available through various banks, credit unions, and monoline lenders. These are offered under a 25-year amortization period, with a GDS limit of 39% and TDS limit of 44%. To qualify for this program, a minimum down payment of 20% is required. The larger the down payment, the better the rate you may receive.
Uninsured mortgages in Pickering are available for properties with a minimum down payment of 20%. The amortization period for these loans can go up to 30 years, which offers greater flexibility. However, the rates for uninsured mortgages are typically higher compared to insured and insurable options due to the lender’s increased risk. Most lenders will only offer home equity lines of credit (HELOC) products under this program. Refinancing is often treated as an uninsured mortgage, which is an important consideration for those looking to access home equity.
When it comes to mortgage renewals, you can qualify for a lower renewal rate in Pickering if you have a low loan-to-value ratio, have an active default insurance policy, and if you have not changed your amortization since the initial purchase. These factors may help you secure a better rate at renewal.
To ensure you get the right product and the lowest rates, our knowledgeable mortgage brokers are here to help you navigate the best mortgage options available in Pickering. Contact us today for assistance in securing the best deal.
Closing Costs in Pickering, Ontario
When purchasing a property in Pickering, Ontario, you will need to hire a local lawyer to complete the closing process. The lawyer's role is to prepare all the necessary documents in accordance with Ontario laws, register the mortgage on the property, and transfer the title to your name. The lawyer will conduct a title search through Ontario’s land registry to verify the property’s ownership history and ensure there are no issues, such as outstanding liens or claims. They will also arrange for title insurance to protect you against any potential defects in the title.
Additionally, the lawyer will calculate and remit any applicable land transfer taxes to the Ontario government, which are based on the property’s purchase price. In some cases, first-time homebuyers may be eligible for land transfer tax rebates. The lawyer will confirm the status of the property taxes with the City of Pickering and ensure that there are no outstanding balances. They will also make sure all conditions set by your mortgage lender are met, including registering the mortgage with the Land Registry office. Finally, the lawyer will disburse funds for brokerage commissions, closing costs, and other fees related to the transaction.
The combination of legal fees, land transfer taxes, registration fees, and title insurance premiums is typically referred to as closing costs. These costs are usually applicable to property purchases, though if you are refinancing, land transfer taxes may not apply if the title remains unchanged. Working with an experienced lawyer in Pickering will ensure that all legal aspects of your property transaction are properly handled and that you are fully protected during the closing process.
Secure Your Dream Home in Pickering: Find the Best Mortgage Rates and Expert Guidance with RateShop
Impact to My Home Buyers in Pickering, Canada
For home buyers in Pickering, 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 Pickering 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 Pickering 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 Pickering 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 Pickering-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 Pickering, a broker can help you secure a deal that aligns with your long-term financial goals.
Frequently Asked Questions about Mortgages in Pickering
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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