We offer the most competitive rates in the country to our clients and are committed to working with you to get you the lowest rate possible.
Peace of mind from rate hikes
Upon approval you will receive a 120 day rate lock, but it doesn’t stop there. We also proactively ensure you get the lowest possible rate that we can offer you within that time period if rates drop.
Our team of experienced mortgage experts will work closely with our clients to conduct a discovery call and understand their unique financial situation. This allows us to tailor a mortgage solution that meets our client’s needs and goals.
We pride ourselves on providing a seamless and efficient mortgage process all completed in the comfort of your home online, ensuring an easy and convenient experience for all our clients.
How it works
Just click on 'Get started' located at the top right of our webpage to launch your application. With an easy-to-use online platform, you can start your home financing journey in less than 10 minutes.
Safely upload your identification and relevant supporting documents via our secure customer portal. This helps us understand your financial capabilities and tailor the best solutions for you.
Get ready to make your housing dreams come true. Our skilled mortgage advisors will guide you through the optimal choices tailored to your specific financing requirements.
Congratulations, you've reached the final step of the mortgage process! This is where all the remaining paperwork gets signed and your mortgage funds are released.
For more detailed insights, our blog section is a treasure trove of resources. You'll find articles on everything from understanding mortgage terminology to tips on saving for a down payment and market updates. The more you know, the better prepared you'll be when it comes to making the big decision of buying or refinancing a home.
Shinhan Bank Mortgage Rates
Shinhan Bank, a key player in Canada's banking landscape, stands alongside giants like CIBC, Scotiabank, RBC, and TD. With roots tracing back to South Korea and a significant global presence, Shinhan Bank has carved a niche in the Canadian financial sector. Catering to a broad spectrum of homeowners and potential buyers, Shinhan offers a diverse array of mortgage solutions.
The Value of Rate Exploration
Understanding the Importance of Rate Comparison
Selecting a mortgage isn't just about the house; it's about the rate. The interest rate plays a pivotal role in determining the overall cost of your home loan. A slight variation in rates can mean saving or spending thousands over the loan's duration. Hence, it's wise to weigh options from various lenders, including established banks like Shinhan and direct lenders like Pine.
Why Shinhan Bank is a Go-To for Many
For years, major banks such as Shinhan have been the primary choice for mortgages. Their comprehensive mortgage offerings, spanning fixed to variable rates, coupled with added perks, make them a trusted choice. Plus, existing Shinhan customers find it convenient to get a mortgage from a bank they're familiar with. However, this convenience might sometimes come with slightly higher rates or fees.
Direct Lenders: The Competitive Edge
Direct lenders like Pine, focusing exclusively on mortgages, often bypass the usual banking overheads. This lean approach often means better mortgage rates, swifter processing, and reduced closing costs. While they might have a limited service list of bigger banks, their mortgage-centric approach often results in cost savings, which they pass onto customers.
Tailored to Your Needs
Direct lenders are also known for their adaptability. Whether you're looking for specific prepayment options or niche loan types, they're often more flexible in crafting a mortgage that fits just right.
Choosing Your Mortgage Path
The ideal mortgage provider blends a mix of competitive rates, service quality, and additional perks. By juxtaposing offerings from banks like Shinhan with direct lenders, you get a panoramic view, empowering you to make a cost-effective choice.
Shinhan's Fixed Rate Mortgages: Predictability at Its Best
One of Shinhan's fixed-rate mortgage highlights is its consistency. Locking in a rate ensures your monthly outgoings remain unchanged throughout your mortgage term, a boon for long-term budgeters.
Diverse Term Selection
From one-year quick commitments to decade-long terms, Shinhan provides an array of term lengths for fixed-rate mortgages, catering to varied financial strategies.
While Shinhan’s fixed rates are competitive within the Canadian market, it's beneficial to stack them against other lenders like Pine. Using online tools to compare can provide valuable insights.
Guard Against Future Hikes
If you sense future rate hikes, Shinhan's rate-lock feature can be a lifesaver. Secure a favourable rate for a set period, often up to 90 days, giving you a buffer while house hunting.
Shinhan's Variable Rate Mortgages: Embrace the Market's Pulse
How It Works?
Opting for a variable rate with Shinhan means your interest rate ebbs and flows with the Bank of Canada's prime rate. While this can be advantageous during low-rate periods, it also carries the potential of increased payments if rates climb.
Initial Savings Potential
Variable rates often start on the lower side compared to fixed rates, offering upfront savings. It's an appealing choice if you foresee a stable or dropping rate scenario.
Breakage Fee Insights
If mid-term property selling is on your mind, understanding breakage fees is crucial. Variable rate mortgages usually have a three-month interest charge upon breakage, whereas fixed-rate ones might involve a more complex interest rate differential calculation.
A standout Shinhan feature is the freedom to transition from a variable to a fixed rate during your term. If market fluctuations become unsettling, you can opt for a steadier fixed rate for your chosen term length.
Balancing Savings and Stability
While variable rates can be initially more pocket-friendly, they come with inherent financial fluidity. If you're mulling over this option, ensure you're comfortable with potential rate shifts.
Shinhan Bank's 5-Year Fixed Mortgage Rate: A Top Pick
Why Opt for 5 Years?
The 5-year span remains a favourite among Canadians when zeroing in on a fixed mortgage rate. Its appeal likely stems from the perfect blend it offers between a solid commitment and the assurance of rate stability. It paves the way for effective future financial planning without feeling tethered for too long.
With Shinhan Bank's 5-year fixed mortgage rate, there's the comfort of predictable interest rates and monthly outflows for half a decade. This becomes especially advantageous if there's an anticipation of rising interest rates on the horizon.
While Shinhan Bank boasts competitive rates for their 5-year fixed offering, it's a smart move to stack them against other lenders. For example, a lender like Pine might present terms that, while similar, come with distinct benefits or incentives more in line with your preferences.
Planning Your Exit
If there's even a remote chance you might want to sell or refinance before the 5-year term concludes, it's essential to be aware of the prepayment clauses. Shinhan typically has set penalties for early exits from fixed-rate mortgages. Being informed can shield you from unforeseen expenses.
Shinhan Bank's 5-Year Variable Mortgage Rate: Balancing Savings and Uncertainty
The Lure of Initial Savings
Shinhan's 5-year variable mortgage rate often kicks off with a more attractive rate than its fixed counterpart. While this spells immediate savings, it's crucial to remember that such rates are market-dependent and can swing.
Economic Factors to Consider
If a 5-year variable rate is on your radar, staying updated on economic trends is necessary. The Bank of Canada's prime rate, which influences your mortgage rate, might see several shifts within your 5-year term.
Switching to a Fixed Rate
A notable feature of Shinhan's variable offerings is the flexibility to transition to a fixed rate during the term. If market ups and downs start causing unease, you can opt for the stability of a fixed rate for the duration you prefer.
Weighing the Risks
A 5-year variable rate might be more suited for those who are okay with some level of unpredictability in their monthly contributions. Before diving in, a thorough assessment of your financial resilience and risk appetite is recommended.