Before you take out a mortgage, you must know what it will cost. Thinking you know what you can afford and actually knowing the amount are two different things. A mortgage comparison tool helps you compare the best mortgage rates in Canada and see your potential payments. If you want to be an informed consumer, you must know your options before visiting any lenders in person or online. That is why our mortgage comparison tool is so popular with Canadians. It makes comparing lenders, regions, interest rates, and terms clear, fast and easy. It can’t be that simple to plan the biggest financial decision of your life. Can it?
What is the Hardbacon Mortgage Comparison Tool?
If you’ve ever shopped for a mortgage, you know how time-consuming it can be. To get rates from multiple lenders, you must apply with each lender individually. That’s a massive commitment to undertake on top of what you do in your daily life, and it is normal to feel frustrated. What if you miss a good lender? What if you don’t have time to get more than one quote?
The Hardbacon Mortgage Comparison Tool takes the hard work out of it for you. After you provide a little information, you can see what mortgage options you have, decreasing the time it takes to apply for a loan. You can reach out to 21 mortgage Canadian lenders right away from the tool itself, or take the information and use it to your advantage when you meet a lender face-to-face.
With the Hardbacon Mortgage Comparison Tool, you can filter your results as much as you want. Whether you’re looking for a basic quote, thinking about refinancing, or curious about the mortgage market, this tool can help.
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How do you use the Hardbacon Mortgage Comparison Tool?
It’s easy to use the Hardbacon Mortgage Comparison Tool using these steps:
Choose the purpose of your mortgage
Why do you need a mortgage? Are you buying a home, renewing your mortgage, or refinancing? Your answer will provide different results since lenders offer different rates, terms, and programs based on your mortgage needs.
Enter the amount you need
The loan amount you need will depend on your loan purpose. If you’re buying a home, enter your purchase price. If you’re renewing or refinancing, enter the amount you need to finance based on your current loan amount and financial needs.
Enter how soon you plan to resell
Next, answer when you’ll resell the financed property. Your answer could be ‘no’ if you don’t have any intention to sell the home soon. Otherwise, enter the timeframe you expect to sell the home. Your options include:
- Within 3 years
- Within 5 years
- In 5 years or more
Compare your options
With just this little information and the few seconds it took to enter it, Hardbacon gives you useful options within seconds. You can further filter the results if you want to get even more specific with your options with the following:
- Choose a rate type – fixed or variable
- Choose your loan term from 3 months to 10 years
- Choose your amortization
- Choose an open or closed term
You can even filter it by lender if there is a specific lender you want to work with or want to see what they may offer you.p
The advantages of our Mortgage Comparison Tool
Finally! You understand how the tool works and you might see why Hardbacon invested so much time into building it. You also understand why it is so popular. Are you still unconvinced that it can help you with your financing? Well, here are 6 reasons to consider using it yourself.
1. You’ll get the best mortgage rates in Canada
The only way to get the best mortgage rates in Canada is to shop around. Most people don’t have the time, knowledge, or energy to get quotes from multiple lenders and settle for the first offer they get. This is the worst thing you can do. At a minimum, secure 3 quotes so you know what the average offer is for you. Hardbacon helps you get those quotes – you can view all available quotes given the parameters you put in or select the three quotes you like most and compare them side-by-side.
2. The mortgage calculator is free
What’s better than a free service to help you shop for the best mortgage rate? There’s no application fee or membership fee. You can use the calculator as many times as you want, manipulating the numbers as much as you want to get the information you need.
Some people use the calculator long before they are ready to buy a home or refinance, just to see where they stand. Others use it when they’re ready to pull the trigger and to get in touch with the lender of choice.
3. You can play around with the numbers
If you’re buying a house, you can play around with the numbers to see how different down payments affect your loan. You may notice as you change your down payment that you get more offers and maybe even lower interest rates.
If you’re looking for the best mortgage rates in Canada, playing around with the numbers on a free calculator is the best way to get started.
4. You can see the different terms and what they’ll cost
If you’ve ever wondered what a 6-month term versus a 2-year term would do to your rate, for example, you can test it out in Hardbacon. You can check out any terms or combination of factors to see which loan option is right for you.
5. You can narrow down your options by province
You can make the process local to you. Different provinces have different rates and terms and its a waste of time looking across Canada when you need something closer to home. Entering your province will give you the most specific details so you get an accurate quote for your situation rather than getting an unpleasant surprise when you officially apply for the loan.
6. You don’t need to calculate the mortgage repayment yourself
Many factors go into a mortgage payment and trying to figure it out yourself is like trying to solve a major mystery. A mortgage calculator does the work for you – all you have to do is enter a little information and you’ll have the results you need.The
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Does our Mortgage Comparison Tool have limitations
Only you know what you value, the lifestyle you want to maintain or create, and what is best for your dependents. The mortgage comparison tool takes the guess work out of crunching the numbers and changing constraints without impacting your current situation.
If the amount you put in is too high and will cause financial difficulty, you can play around with the numbers before you apply for a loan. When you do apply, you’ll be prepared and able to accept the mortgage payment offered because you’ll know what to expect.
Can the tool tell you if an open or closed mortgage better?
It shows you what comes with each option. Most people have the option of an open or closed mortgage. An open mortgage provides more freedom but usually has a higher interest rate. You can pay an open mortgage off at any time without a prepayment penalty. A closed mortgage restricts how much you can pay off each year. If you pay the loan off too early, you could pay a prepayment penalty. An open mortgage is better if you plan to move or sell the home soon.
Does the comparison tool tell you if a fixed or variable rate better?
Deciding between a fixed and variable rate takes some thought about what is right for your risk tolerance and short-and long-term goals. Fixed rates remain constant for the entire term. They are often higher than a variable rate because the lender takes a risk in locking in at a specific rate.
Variable rates start lower but can change often. If the prime rate changes (up or down), your variable rate will likely change too. This means you can’t predict your mortgage payment amount. If you’re on a strict budget or can’t handle increasing payments, a fixed rate is typically best.
Does the comparison tool consider my credit score?
The tool’s questions don’t ask your credit score. Your lender, however, will check it. Just so you know, the higher your credit score is and the lower your debts, the better the rates you’ll get. It’s part of the mortgage pre-approval process.
Lenders take a risk when they lend you money. They need to know you’ll pay the loan back on time. If you have good credit and low debts, you have a higher chance of paying your mortgage back on time than if you had bad credit and a lot of debt.
Hardbacon’s Mortgage Comparison Tool makes evaluating different mortgage offers fast and easy. It is a powerful research and an outreach tool, and best of all, its free. There are many options for borrowers to get the best mortgage rates, but you have to do the work to find the loan that’s right for you. Canadians trust Hardbacon because it works really well. Whether you are dreaming of a new home, ready to buy or thinking of refinancing, it’s worth it to check it out.
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About The Author: Arthur Dubois
Passionate about personal finance and financial technology, Arthur Dubois is a writer and SEO specialist at Hardbacon. Since his arrival in Canada, he’s built his credit score from nothing.
Arthur invests in the stock market but doesn’t pay any fees because he uses National Bank Direct Brokerage online broker and Wealthsimple’s robo-advisor. He pays for his subscriptions online with his KOHO prepaid card, and uses his Tangerine credit card for most of his in-store purchases. When he buys bitcoins, it’s with the BitBuy online platform. Of course it goes without saying that he uses the Hardbacon app so that he can manage all of his finances from one convenient place.
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