Rates starting from 4.29%
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LendingHub helps you find and compare the best mortgage rates in Oshawa. You can see pricing for all major mortgage types and terms, making it easy to choose the right one.

Mortgage Rates in Oshawa

Welcome to Oshawa, Ontario. Enjoy sunny beaches on Lake Ontario and cozy downtown streets. So, are you Looking for a fun night out? Oshawa’s nightlife is buzzing. For a peaceful day, visit the Robert McLaughlin Gallery.

The GM Centre is the main attraction for sports fans, hosting the Oshawa Generals and various shows throughout the year. If you love history, don’t miss Parkwood Estate. It was the home of car mogul R.S. McLaughlin is truly beautiful.

Outdoor lovers will enjoy Oshawa's parks and trails. The Waterfront Trail runs for 45 kilometers along the lake. Harmony Creek Trail brings nature right to your doorstep.

Experience the best of Oshawa. Come and make it your home!

Housing Market in Oshawa

The Durham Region real estate market saw increased activity in May 2023, as reported by the Durham Region Association of Realtors. The average home price in Durham was $988,644 in May. The 2022 Economic Development and Tourism Annual Report highlights the region's growth, making it a popular spot for homebuyers. Durham's population is expected to reach 1,300,000 by 2051.

Oshawa, part of the Durham Region, is one of the fastest-growing areas in Canada. The standard house price in Oshawa stands at $855,682. Detached homes average $926,671, semi-detached homes are $774,938, and condos/townhouses are $658,221 as of May 2023.

Comparatively, in May 2022, the average home price in Oshawa was $844,745. Detached homes were $921,748, semi-detached homes were $740,626, and condos/townhouses were $641,668.

The report shows that the Durham Region is very attractive to homebuyers, confirming its status as a thriving real estate market.

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How Can You Secure the Best Mortgage Rate in Oshawa?

If you find good mortgage rates in Oshawa, you can save significant money. Look at some key tips to help you get the perfect match.

  • Check Your Credit Score: Check your credit score first. A good score can get you a good rate. You can check your score online for free.
  • Save for a Down Payment: Remember to save up for a down payment. The more you save, the better interest rates you can get. Try to save at least 20% of the cost of the house as a down payment.
  • Compare Different Lenders: Always compare different lenders. Different lenders offer different types of loans. You can use free tools on the internet to compare and find the best deal.
  • Consider a Mortgage Broker: A mortgage broker can help. Many of them have access to lenders. So they can get the best rate for you.
  • Choose the Right Mortgage: Choose the right mortgage. Fixed-rate mortgages provide stability. On the other hand, variable mortgage rates may initially offer lower rates.
  • Look for Discounts: Ask about discounts. Some lenders offer special offers. For example, you may get better rates if you have other accounts with them.
  • Improve Your Financial Situation: Improve your financial situation. to pay debts. Save a lot of money. It can improve your appeal to lenders.
  • Beat Your Rate: Close as soon as you get a good rate. Rates can change quickly. When you hit rates, it protects you from increases.
  • Review All Costs: Review all costs. Look at fees, not just interest. Sometimes lower interest rates result in higher overall payments.
FAQ
Many factors affect rent prices in Oshawa. These include your credit score, the size of your first payment, the term of the loan, and the type of mortgage you choose (fixed or variable). Lenders consider both economic conditions and market conditions.
It includes the opportunity to get a lower mortgage, maintain a good credit rating, save for a capital down payment, and go shopping after reducing existing debt by comparing shopping from different lenders. They can help you get the best deal.
It depends on your financial situation and risk tolerance. A fixed-rate offers stability with consistent payments over the term of the loan and is best if you want predictable costs. Variable rates may start at a low rate but can change over time and can be profitable if you expect a decline in rates.
Yes, you can pre-approve a mortgage and close mortgage payments before you own a home. A rate lock ensures that you hold a fixed interest rate for a set period, usually 60 to 120 days.
Yes, there are other costs to consider besides the interest rate. These can include closing costs, appraisal costs, legal fees, and mortgage fees.

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