In Canada, a recent search of various mortgage brokers shows that the best mortgage term seems to be three years.

For example, Mortgage Alliance states a variable rate of 3.75, TD Canada Trust 3.6%.  In the latter's case, even the five-year variable is 3.6%,  which begs the question "Why would anyone choose a risky 5 year term when the same rate is available fixed for 3 years? Proponents of variables, of course, will argue, but there is no doubt that in the current economy, a 3 year quarantee is very attractive.

The average 6-month is around 5%, 1 year 3.89% and 5 year 4.22%.

Of course, the biggest question in most people's minds is just how difficult is it to get those lower rates? This is a time when being late with payments and even requesting extensions on due dates is occurring simultaneously with the lending institutions seeking even higher credit ratings. I recently obtained a mortgage for a first time buyer through one of my affiliates, but not after embarrassing him with a 6-year-old record of his being late with a credit card payment. At the time, he was a college student. Now, he's a brand-new professor with a high five-figure income. The mortgage was less than $250,000 and he also had his wife's income of $60,000+ to bring to bear.

If that client found it difficult, how on earth do the rest of us who have been around longer, made a few more mistakes, and allowed our credit score to slip a bit, get these proudly promoted low rates?

Maybe having the kids move home after college isn't such a bad idea. Their credit scores are usually pretty good. Maybe they can renew the mortgage on the family home on the next due date.

Robert J. Morrow is editor of www.HamiltonHomeReview.com, an online real estate magazine serving Greater Hamilton, Ontario. Click here for a FREE SUBSCRIPTION sent to your email monthly. Click here to receive new Hamilton area listings in your email daily.