If your rent is currently $500 per month, you will put more than $18,000 in your landlord's pocket over the next three years. Take advantage of our low interest rates and start investing in your own future.

Here are some good reasons to get your home mortgage online. The process of applying online with a reliable brokerage firm is very simple. Let our James McLandress mortgage specialist put together a home mortgage that fits your needs and goals. Our lenders offer an array of programs with flexible repayment terms and lower interest rates.

The two main types of home mortgages are a fixed-rate mortgage or an adjustable-rate mortgage. On a fixed-rate mortgage, the interest rate stays the same for the entire term or duration of the mortgage. An adjustable-rate mortgage has a changing interest rate that is determined by the lender, and the rate is periodically adjusted over the life of the mortgage.

One of the best home mortgages is a variable-rate mortgage. The interest rates are generally lower than fixed-rate mortgages. Another type of best home mortgage is one that offers a cash-back incentive for a first-time homebuyer. Sometimes coming up with a down payment may keep you from buying a house, but with the cash-back incentive, you can make it the best home mortgage deal for you.

Tips on a Five-Year Home Mortgage

Every home mortgage has a start date and an end date. The end date is referred to as the maturity date. The duration between the end date and start date is the term of your home mortgage. Home mortgage terms are for a one-, two-, three-, four-, five-, seven-, 10-, or even an 18-year term. At the end of the term, you can either pay off your home mortgage or accept the lender's invitation to renew the home mortgage rate for another term of your choice.

Home Mortgage Variable Interest Rates

Compared to a fixed-rate home mortgage, a variable interest rate “floats.” Although the home mortgage payment amount may stay the same, the actual interest charged may change when the Bank of Canada changes the key lending rate. A drop in interest rates is great news for you, as this will mean that more of your mortgage payment will be allocated towards reducing your principle. If interest rates rise, then less money will be allocated for reducing your principle and will instead be used to pay higher interest costs. If you think interest rates will fall over the next three to five years or remain relatively steady, then purchasing a variable-rate mortgage makes a lot of sense. For a fixed mortgage, you will pay a price for certainty. You generally pay more for a fixed-rate mortgage as the lender takes a risk as to what the future rates will do by fixing the rate for you. You generally pay less for a variable rate mortgage because it is you that is taking the risk of uncertainty as to how interest rates will move—up or down. With low interest rates, variable interest rate mortgages have become popular.

Get a pre-approved home mortgage online with James McLandress! Get the negotiating power and confidence of a cash buyer in today's competitive marketplace. With our home mortgage rate hold approval, you can be pre-approved for up to four months while you shop for a home.