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How To Find The Best Credit Rate For Your Mortgage


By SarahPublished 3 years ago 3 min read

At 67.8%, Canada has the highest homeownership rates in the world. As if this is not impressive enough, according to the Royal LePage Survey, 48% of Canadians 25 to 35 years old own homes.

If you are gearing up to purchase your first home, you will be in great company. Among the decisions you need to make during this process is picking the best lender.

Here are some expert tips to help you find the best credit rate on your mortgage.

Boost Your Credit Score

While you can get a bad credit loan in Ontario for other purposes, mortgage lenders tend to be more stringent. While it's true that you can get a mortgage with a not-so-pleasant credit score, it will likely be expensive.

A low credit score signals a risky borrower. In essence, the riskier lenders deem you to be, the higher the interest on your facility will be. Once you begin planning to own a home, start working on getting your credit score as high as possible.

Make a Large Down payment

There are specific groups that can get 100% financing on a house. These include veterans and rural borrowers. Everyone else has to make a down payment and get the remaining amount financed.

The larger the down payment you make, the cheaper your loan becomes. Here is an explanation for this. A lender will charge you interest on the borrowed amount. This means that the lower the borrowed amount, the lower the interest charged, and vice versa.

If you make a large down payment, you take a lower loan amount, benefiting from lower interest. This makes your loan significantly cheaper than if you had made a small down payment.

Shop Around

Lenders are not equal. Even when the interest rates are similar, loan costs might vary from one lender to another. This is because numerous other things feature in your mortgage amount.

Some of these are chargeable fees that are decided on internally. A lender with numerous fees or higher fees will offer more expensive credit than lenders with fewer, minimal service fees.

When shopping around for a lender, look at the cost of the mortgage comprehensively. Tally the interest plus all other applicable fees.

Increase Your Income

This goes back to the matter of risk. Someone with a higher income and a higher disposable income is considered less risky than someone with strained finances.

Again, the less risky you are as a borrower, the more favorable your interest rate will be. As you approach buying a home, consider other income streams that showcase you as the ideal, low-risk borrower.

Take Your Time

Buying a house is a huge undertaking. For this reason, once you decide to purchase a home, allow yourself enough time to do all the necessary groundwork and due diligence in getting the best credit rate possible.

About I Need My Money Today Brokers

All the lenders from the I Need My Money Today network practice their profession in accordance with the guidelines of The Consumer Protection Bureau, which is the guarantee of a totally risk-free loan. This sense of ethics is essential to us, and that’s why we don’t charge any hidden fees or administrative fees.

For the 17 years that we have been in business, our priority has always been to stand by you to allow you to improve your financial situation. Whatever problem you’re encountering, I Need My Money Today is there to help you find the most suitable solution to get yourself out of a rough patch. If you think you’re at an impasse, a no credit check loan or a cash advance will give you the necessary boost to immediately make a fresh start. Debt consolidation or a secured credit card will help you earn points on your credit score.

Our priority is to help you urgently to give you immediate access to a better financial situation, and to do this, we’re committed to processing your entire application immediately so that you receive your funds 45 mins from signing your contract.


About the Creator


With an experience of 10 years into blogging I have realised that writing is not just stitching words. It's about connecting the dots of millions & millions of unspoken words in the most creative manner possible.

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