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The mortgage market is in turmoil following the US sub-prime crisis. It’s happening in the US and spreading to other countries as a result of banking tie-ups and links. Renters and even homeowners in Canada are seized by the desire to save enough funds for down payments. The reason is simple. Canadian mortgage rates are going down and real estate prices are in full swing.

To cover the heavy demand for more mortgages, lenders have adapted flexible techniques, like dropping Canadian mortgage rates and offering new products. A traditional Canadian mortgage would require the buyer to put down 20 per cent of the property's value in cash. This could mean a large amount of money but the benefits are great.

Shopping around the Canadian mortgage market can cut down your down-payment costs. With a little research, buyers can beat the mortgage interest rates of large Canadian banks and get them for about one percentage point less.

What you should do is to start talking to the mortgage banks and try and keep the mortgage rates down. A good trick is to treat it as though you are looking for cheap car insurance - get a few different auto insurance quotes to start. You know how to handle the subject of finding cheap car insurance. You start off with auto insurance quotes and move on from there, checking one cheap car insurance policy against the other and calling for more auto insurance quotes as you go along. Finally you have list of the mortgage companies you selected with their interest rates and details and you can decide which mortgage.

Of course you should use the same exercise when you are looking for cheap car insurance as well!

Look as this example:
A Canadian brokering company is currently offering their customers a five-year Canadian mortgage rate of 5.1 per cent. This is low compared to other banks which are posting Canadian mortgage rates of 6.5 per cent. This low rate will allow one to save thousands of dollars in Canadian interest payments on their mortgage over the life of their loan.

Reducing your Canadian mortgage rate can also be achieved by choosing to take a non-standard mortgage. Aggressive financial market players in the Canadian finance market are offering incredibly low Canadian mortgage rates and minimum down payments. Getting a non-standard mortgage is perfect for people who have large earning powers but small capital resources.