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Evaluate Hamilton's best mortgage rates in one place. RATESDOTCA’s Rate Matrix lets you compare pricing for all key mortgage types and terms.
Rates are based on a home value of $500,000
| Insured | 80% LTV | 65% LTV | Uninsured | Bank Rate | |
|---|---|---|---|---|---|
| 1-year fixed rate | 5.74% | 4.59% | 4.59% | 6.63% |
5.94%
|
| 2-year fixed rate | 4.74% | 5.34% | 5.34% | 5.92% |
5.54%
|
| 3-year fixed rate | 4.19% | 4.29% | 4.29% | 4.79% |
4.74%
|
| 4-year fixed rate | 4.54% | 4.64% | 4.54% | 4.54% |
4.64%
|
| 5-year fixed rate | 3.99% | 3.99% | 3.99% | 4.19% |
4.34%
|
| 7-year fixed rate | 5.35% | 5.06% | 5.06% | 5.90% |
5.06%
|
| 10-year fixed rate | 5.75% | 5.80% | 5.80% | 5.80% |
7.14%
|
| 3-year variable rate | 5.10% | 5.20% | 5.10% | 5.10% |
7.35%
|
| 5-year variable rate | 4.80% | 5.05% | 4.85% | 4.85% |
5.05%
|
| HELOC rate | N/A | N/A | N/A | N/A | N/A |
| Stress test | 5.25% | 5.25% | 5.25% | 5.25% | N/A |
Updated
Located just a 52-minute commute along the Queen Elizabeth Way (QEW), many homeowners are looking outside of the Toronto core to Hamilton as a place to set down roots. If driving to work isn’t your thing, commuters can also take the efficient GO bus in under an hour. Hamilton, Ontario is an affordable community to new homebuyers, families, residential landlords, and retirees.
The real estate market in Hamilton, Ontario is booming. Homes that have stood vacant for years are becoming occupied as an increase in flipping has begun to manifest, making now a better time than ever to invest in a home or rental property. Before you sign any paperwork, however, take a moment to learn more about the best mortgage rates in Hamilton, and which mortgage is the right type of mortgage for you.
With the growth in the industry, infrastructure, and housing markets in Hamilton, there is robust competition for loans and lending. It can be time-consuming to make in-person appointments, get quotes, and balance the options. Simplify your investment by getting the best Hamilton mortgage rates using RATESDOTCA. We are your one-stop-shop for mortgage products and more.
RATESDOTCA is not a broker and is not affiliated with any particular financial services company. This allows us to take an objective and unbiased position in helping you compare products on our site.
Trying to figure out what mortgage you can afford? We’ve got a calculator for that. First-time home buyers will be especially interested in our Mortgage Affordability Calculator. There are many factors that go into figuring out mortgage affordability, and while a financial adviser or mortgage broker is the best person to speak with to help you determine your mortgage, the Mortgage Affordability Calculator can give you a ballpark figure to work with. Use the Mortgage Affordability Calculator to figure out the maximum home purchase price you can afford and the mortgage loan amount you should be taking on based on lenders’ qualifying criteria. The process takes just minutes and goes like this.
Stress-free and no hard sales, the RATESDOTCA Mortgage Affordability Calculator is a valuable tool for seeing how big a mortgage you can comfortably carry. Because size does matter from a mortgage perspective. You do not want your credit rate or standard of living to suffer because you take on debt you cannot afford. Honestly, a bank will not give you a mortgage you cannot payback. Calculating your mortgage affordability will allow you to bid on housing in your price range; helping you get your next home faster.
Try our free, no-obligation, Mortgage Rate Calculator today.
There is a housing boom in Hamilton, Ontario. The median price for a home in Hamilton is $475,000, according to The Canadian Real Estate Association (CREA). Hamilton offers affordable living in comparison to many Ontario communities. With a plethora of restaurants, shops, schools, and health care facilities, Hamilton offers all the amenities of big city living…outside of the big city.
One in three Hamilton workers commute outside the city on a daily basis, according to Census data. This shows many people are leaving their Toronto homes for more reasonably priced living in Hamilton without giving up their Toronto jobs.
However, Hamilton is not just a city of commuters. According to a Toronto Life article, job creation in the Hamilton area was forecasted to generate thousands of jobs over the past couple years. These new jobs are focused in the tech, health, and education markets. New jobs mean a stronger community in terms of people, local economics, and city infrastructure.
The city of Hamilton, Ontario also houses one of Ontario’s most prominent universities McMaster University; creating a strong student population in the city. This makes investment property and the rental market for student housing in great demand.
If you haven't checked your credit rating lately, it is a good idea to do so before moving on with your search of a mortgage. If you have late payments and delinquencies, you will end up paying a higher interest rate. There are some ways to improve your score more quickly:
When searching for the best Hamilton mortgage rate, consider the various types of mortgages available, namely fixed rate and variable rate mortgages. A fixed rate mortgage offers the buyer a sense of security, as the rate is guaranteed to stay the same during the term of the loan. First-time buyers may prefer to take advantage of current fixed rates, which are currently at historic lows. Variable rates, on the other hand, fluctuate with the prime rate. However, before ruling out variable rates, keep in mind that if you are an investor planning to pay the loan off quickly, taking advantage of low rates now can save you money.
For more information please read our Fixed Rate Vs Variable Mortgage Rates Guide. We have many comprehensive mortgage guides, compiled with information from our partners, which makes getting facts on Canadian mortgage loans easier.
Lubna Umar is an SEO Content Manager at RATESDOTCA. She has produced a wide variety of content, including academic essays, pieces of fiction and financial literacy guides. In her free time, she can be found exploring the café culture in Toronto or any other major city.
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