A mortgage interest rate is the interest rate that a bank charges on a mortgage loan. It is expressed as a percentage of the loan amount and determines the amount of interest that the borrower will pay over the term of the loan.

Mortgage interest rates are determined by several factors, such as market conditions, the borrower’s credit score and financial history, the type of mortgage product used, and the bank’s policies and practices.

Obtaining a mortgage is so much more than an interest rate. It is often the largest expense of a lifetime that is usually renewed every 5 years. It is therefore vital to take the time to think, analyze and plan. This exercise allows you to define your needs and put in place the loan that will meet them. This is how you can plan investments, renovations, repayments, financial and budget organization, etc. And it is this personalized strategy that will save you money!

Mortgage interest rates can vary significantly depending on the bank and the type of mortgage product used. Typically, a fixed interest rate may be higher than a variable interest rate initially, but the variable rate can adjust over time and end up being higher in the long term.

First of all, it is not the broker who decides, it is the client who chooses from the options presented by the broker. The broker aims to understand the needs and projects of each client and therefore searches for possibilities for each file. No lender can be excellent in everything, and that is why having several lenders allows for more solutions.