HomebuyingEverything you need to know about portable mortgages
This article has been updated from a previous version. You know how when you move, you take almost everyth...
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If you’re a nature lover who loves the charm of northern Ontario but also desires the amenities of a vibrant and populous large town, North Bay may be the right place for you. Boasting a population of just over 70,000, North Bay is home to plenty of hiking trails and dozens of beach access points. If you’re into boating, fishing, and the great outdoors, North Bay — which is situated on Lake Nippising and the Ottawa River — is the perfect place to call home.
Before you consider purchasing a home, however, you’d probably like to know a little bit about mortgage rates in North Bay and, more specifically, how to get the best mortgage rates in North Bay. LowestRates.ca is here for you. In just three minutes, our site allows you to compare mortgage rates from 50+ banks and brokers across Canada. Just tell us whether you’re buying a home, renewing or refinancing and click the “Get Started” button above.
Read on to find out everything you need to know about getting a mortgage loan in North Bay.
Variable Rates
As low as
5.50%
Fixed Rates
As low as
4.39%
Cha-ching! Our rates are always lower than the posted bank rates.
Current lowest posted bank rate
6.84%
Conventional vs. high-ratio mortgages: which is cheaper?
One of the first things you should consider when purchasing a home is how much money you plan to put toward the home as a down payment. This will determine the type of mortgage you can qualify for.
Buyers who have a down payment of 20% (of the home’s purchase price) or more qualify for a conventional mortgage. Buyers who have less than 20% can only qualify for a high-ratio mortgage. High-ratio mortgages require mortgage default insurance, which is arranged by your broker or lender and is rolled into your monthly mortgage cost.
So, which one is cheaper? The good news for home buyers in 2021 is that both conventional and high-ratio mortgages are at record lows. Another bit of good news is that mortgage companies in North Bay (and across Canada) will lend to buyers who are both above and below the 20% down payment threshold. While down payment size is a significant consideration used by lenders to calculate your mortgage rate, it’s not the only thing that matters — lenders will also scrutinize other elements of your financial profile (more on that below).
Conventional 5-year fixed mortgage rates vs. high ratio 5-year fixed mortgage rates in Ontario
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 01/24 | 5.01% | 4.72% |
| 02/24 | 4.84% | 4.72% |
| 04/24 | 5.22% | 4.39% |
| 05/24 | 4.77% | 4.39% |
| 06/24 | 4.91% | 4.39% |
| 07/24 | 4.83% | 4.39% |
| 08/24 | 4.88% | 4.49% |
| 09/24 | 4.84% | 4.69% |
| 10/24 | 4.99% | 4.79% |
Last Updated: November 1, 2024
Fixed rate vs. variable rate mortgages: which is cheaper?
The next thing you might want to consider when buying a home is whether to choose a fixed rate or variable rate mortgage for your North Bay home. For many, it’s a matter of preference.
Mortgage rates across Canada are seeing record lows, so variable and fixed mortgage rates in North Bay are very affordable right now. When determining which one is best for you, consider your own tolerance for risk and whether or not having set mortgage payments is something you value.
While posted variable rates are typically lower than fixed ones, there’s also the risk that they might increase over the course of your mortgage term. Fixed rates, on the other hand, will stay the same regardless of market fluctuations. With that in mind, it’s good to really think about what you value more: A cheaper rate that might increase (or decrease) over time, or knowing that your payments are set, which might provide a little more peace of mind.
It’s easy to compare both fixed and variable mortgage rates on LowestRates.ca. And if you aren’t sure which is best for you, we can connect you with a licensed broker who can help you find the cheapest mortgage rates in North Bay.
5-year fixed vs. 5-year variable mortgage rates in Ontario
| Month | Fixed | Variable |
|---|---|---|
| 11/23 | 4.61% | 5.90% |
| 12/23 | 4.76% | 5.90% |
| 01/24 | 5.01% | 5.90% |
| 02/24 | 4.84% | 5.90% |
| 03/24 | 4.54% | 5.90% |
| 04/24 | 5.09% | 5.90% |
| 05/24 | 4.55% | 5.90% |
| 06/24 | 4.73% | 5.90% |
| 07/24 | 4.83% | 6.05% |
| 08/24 | 4.81% | 6.05% |
| 09/24 | 4.78% | 6.05% |
| 10/24 | 4.94% | 6.35% |
Last Updated: November 1, 2024
Factors that affect your North Bay mortgage rate
There are some other essential factors to consider when getting a mortgage. These elements will determine whether or not a lender will approve your application, and whether you qualify for the lowest mortgage rates offered in North Bay. Read on to help give you an idea of what to expect when trying to calculate mortgages in North Bay.
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Typical mortgage amounts in North Bay
Maybe you’ve found the perfect home and now you’re hoping to calculate the mortgage North in Bay. LowestRates.ca has you covered with our mortgage payment calculator. You can use the calculator to crunch some numbers and get an idea of what your mortgage costs will be. Let’s take a look at an example:
We’ll assume the home you’re purchasing costs $350,100, which happens to be the benchmark North Bay home price for all property types in June 2021, according to the MLS Home Price Index. Let’s also assume a down payment of $70,720, which is just over 20%. Finally, we’ll assume an amortization period of 25 years and a fixed rate of 2%, which is close to average mortgage rates in North Bay.
Using the calculator, we can determine your monthly mortgage cost will be $1,183.
Now, what if you’d like to purchase the same priced home with less money down? The calculator can help you determine that cost as well. We’ll use all the same assumptions above except for the down payment, which we’ll lower to $14,004 (5%). In this case, the monthly payment would be $1,468. Why the increase in price? With less money down, you’d be required to borrow more money to cover the cost of the home. Additionally, mortgage default insurance would be required, which is also included in the cost.
North Bay’s housing market and home prices
North Bay continues to be one of Canada’s more affordable housing markets. However, like many housing markets in Ontario and across the country, its prices are on the rise. In June 2021, the benchmark price of all homes was $350,100. While the benchmark index is considered to be the most accurate way to gauge home prices in a market, there are some other numbers we can look at to get a broader picture of North Bay’s market.
The average home sale price in June 2021 was $411,277, according to the Canada Real Estate Association (CREA). That’s an increase of 48.1% year-over-year. Another thing to consider is that North Bay’s market appears to be more competitive for buyers than it has been in quite some time. The number of new listings were down 13.3% year-over-year in June, with only 182 homes listed for sale. That was the lowest number of new listings for the month of June in over two decades, according to CREA.
North Bay closing costs and land transfer tax
Now that you’ve got a sense of how much a monthly mortgage in North Bay will cost, there are some other, up-front costs to consider when buying a home. These are known as closing costs and must be paid before a home officially becomes yours.
Closing costs typically range from 1.5% to 5% of the purchase price of the home. These are in addition to the down payment. Closing costs may include:
- Title insurance
- Sales tax on mortgage default insurance (only in Ontario, Quebec and Saskatchewan)
- Property valuation fees
- Home inspection fees
- Legal fees
- Home insurance
- Adjustments
- Estoppel certificate if buying a condo
- Good and services tax (GST) or harmonized sales tax (HST) if you’re buying a brand new home or condo
- Moving costs
- Land transfer tax
- Utility installation
Homes purchased in Ontario require the buyer to pay land transfer tax. The amount of tax paid depends on the cost of the home and is structured on a sliding scale (the amount of tax paid increases as the home price increases). To calculate the exact amount of tax you’ll pay on your North Bay home, use our land transfer tax calculator.
Here’s a glance at how land transfer tax is calculated in Ontario:
- 0.5% of amounts up to and including $55,000
- 1% on amounts exceeding $55,000, up to and including $250,000
- 1.5% on amounts exceeding $250,000, up to and including $400,000
- 2% on amounts exceeding $400,000
- 2.5% on amounts exceeding $2,000,000, where the land contains one or two single family residences
Your questions about North Bay mortgages, answered.
What’s the difference between a mortgage term and an amortization period?
There are two important time periods to consider when buyers compare mortgage rates in North Bay. They are the mortgage term and amortization period. So, what are they?
Mortgage term: The mortgage term is the contracted time a buyer agrees to pay a particular mortgage rate. Mortgage terms in Canada run from six months to 10 years in Canada, the most popular mortgage term length being 5 years. Some lenders offer terms of less than one year, but they aren’t as common as terms of at least a few years.
Amortization period: The amortization period is the entire life of the mortgage or, in other words, the amount of time a buyer has to pay off the entirety of the mortgage. The amortization period comprises a number of mortgage terms and typically runs from 25 years or 30 years.
What’s the difference between an open mortgage vs. a closed mortgage?
A mortgage rate is just one factor a buyer should consider when doing a mortgage rates comparison in North Bay. While a great rate is something all buyers are looking for, determining whether or not they should get an open or closed mortgage is also important. So, what’s the difference?
Open mortgage: An open mortgage means the buyer can make as many additional payments, outside the predetermined weekly, bi-weekly, or monthly payments, as they’d like. This means a buyer can pay down their mortgage quicker without having to pay any penalties.
Closed mortgage: A closed mortgage has stricter payment rules. Lenders limit the amount of payments a buyer can make toward their mortgage each year. If a buyer wants to pay more toward their mortgage, they might have to pay a penalty. However, some closed mortgages allow buyers to make increased or additional payments up to a certain amount or percentage each year.
While open mortgages offer more flexibility, lenders typically offer lower rates on closed mortgages. Buyers should take that into consideration when looking at house mortgage rates in North Bay.
How much does it cost to live in North Bay?
The cost of a home — whether it’s rented or purchased — is only one financial aspect of living in North Bay. Living in a Northern Ontario city such as North Bay will likely require car ownership as well. That means potentially having an additional monthly car payment as well as monthly car insurance payments. The good news is that North Bay typically has lower car insurance rates than busier urban areas in Ontario, such as the Greater Toronto Area.
Overall, the cost of living in Northern Ontario is cheaper than areas in Southern Ontario, according to a study by The Northern Policy Institute. The study considered the cost of things such as shelter, utilities, cell phone and internet costs, gas, transit, food, recreation, and other expenses.
How much does getting a lower interest rate matter in North Bay?
Getting a low rate is a goal of all home buyers, whether you’re interested in broker mortgage rates in North Bay or looking specifically at bank mortgage rates in North Bay. However, a good rate is only one factor when determining whether or not a particular mortgage is a good fit.
Some other factors include prepayment privileges, penalties, and portability. Before signing a mortgage contract, you might want to familiarize yourself with these details.
Prepayment privileges: A mortgage usually takes decades to pay off. However, some buyers may want to accelerate the payments to help pay theirs off sooner. If this sounds like you, you might want to consider a mortgage that offers flexible prepayment privileges.
Penalties: Certain mortgage lenders will levy penalties for breaking the rules of your mortgage. This might include penalties for making additional payments or penalties for breaking the mortgage early. If you’re someone who isn’t sure whether or not you’d like to live in the home for the entirety of a mortgage term, you might want to consider a portable mortgage.
Portability: A portable mortgage is one that can be carried over to a new property. Say you might require the flexibility to move within the term of your mortgage — a portable mortgage might be a good fit. Like prepayment privileges, portability is something you need to discuss with your lender or broker before signing on the dotted line.
Your questions about LowestRates.ca, answered.
How are mortgage rates determined on LowestRates.ca?
LowestRates.ca works with 50+ banks and brokers to bring you competitive mortgage rates from lenders in Canada and we’re always adding new ones. We work with our partners to obtain their best deals and offers, and then we let them compete for your business. All you have to do is answer a few questions, and in minutes you’ll be provided with current mortgage rates in North Bay. There’s no obligation, but you can choose to speak with our broker partner to secure your best rate and see if you're eligible for more savings.
Is it safe to get a mortgage online?
Yes, it’s safe — you no longer need to visit a bank branch or mortgage broker’s office in person to apply for a mortgage. It’s becoming increasingly common for Canadians to apply for mortgages online. LowestRates.ca only works with reputable, trustworthy financial institutions. Your credit score won’t be affected and your information is secure. We don’t share your information with anyone unless you want to connect with a mortgage broker. We take care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders in the country.
How do I know I’m getting the lowest rate?
We have a strong selection of lenders on LowestRates.ca including the big banks and many independent providers and we’re adding more lenders all the time. This ensures we’re always delivering you a competitive rate. Even if you’re not ready to commit to anything, you can use our site as a starting point for research (it’s totally free, and you’re under no obligation).
The better informed you are, the more likely you'll negotiate a better deal for yourself. And, really, that’s what we care about the most.
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