A new tool is now available for consumers that makes it easier to shop around for a mortgage. 

And it may be a good time to use it, since the Bank of Canada is reluctant to cut interest rates right now.

A new website, ratesupermarket.ca, now gives consumers a new way to stay informed, and aware of their options.

Punch in a house price, the amount of money you intend to put down, and other details, and the website will automatically compare interest rates for you at financial institutions in Manitoba.

Creator Kelvin Mangaroo said the website has been up and running for about a month.

"Basically, I saw that there were similar services in the UK and the US," said creator Kelvin Mangaroo. "We felt there was a gap in the market, so I decided to take advantage."

The free website can also put you in touch with a lender, and then the real decision-making begins -- such as deciding between a mortgage with a fixed interest rate or a variable interest rate that will fluctuate with market rate increases and decreases.

Variable more flexible

Karen Kozyra is with the Bank of Montreal. She told CTV's Consumerwatch reporter Eleanor Coopsammy a reason many consumers like the variable option because it's more flexible.

"The question to whether variable or fixed? A lot of our clients are going variable -- close to prime, so it's considerably lower than the posted fixed rate."

"The clients have an option of paying it down or off at anytime," she said. "That's very attractive if you're moving soon, or money coming in right away that you want to put against your mortgage."

If the idea of a variable mortgage keeps you up at night, a fixed rate may give you some peace of mind.

40-year mortgages are becoming a popular option. However, experts warn they're not for everyone. First-time home buyers can benefit because it allows them into a housing market that would otherwise be closed to them. But, financial experts say if you had a $100,000 mortgage over 40 years at a rate of 6 per cent -- at the end of 40-year period, you would have paid double the price of your original mortgage in interest alone.

Either way, you may want to consider other options to pay off your mortgage more quickly.

"Accelerating the payments on your mortgage makes a huge difference. If you can switch from a monthly payment to bi-weekly, you can shave thousands off your mortgage, as well as reduce the time it takes [to pay it off] by years," said Kozyra.

Making bi-weekly payments versus monthly payments on a $100,000 mortgage, you could cut the period of time by 5 years because more is going to your principal.

The best advice is do your research, shop around and talk to your lender about what kind of lifestyle you want with that house or condo.

With a report from CTV's Eleanor Coopsammy.