Where to look for best mortgage rates
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Setting solid foundations can be the difference between getting the right results or not, and when it comes to choosing your mortgage the same principle applies. If you don’t spend the time to find the top rates, or check what works best for your needs then you could find yourself thousands of dollars out of pocket.
As some banks continue to delve deeper into our income and expenditure forms, it is a worrying time when you delving into the world of buying and mortgage applications. But, with rules becoming more stringent and competition on the rise, if you know what you are doing you are in pole position to find the top mortgage rates.
Understand your situation
Knowing where you stand, what you can afford and what meets your needs is crucial in all walks of life – and this is true with mortgages. Never take on more than you can afford because this can lead to problems in the future because of debt and that sort of thing. Also, be sure that you have a solid credit rating because that will give you a great deal of bargaining power when it comes to the deals that you are offered.
Do you need a variable rate mortgage or a fixed one?
Have you got yourself pre-approved to smooth the process?
Is this your first mortgage?
Are you going to use a broker to help the situation?
Do you want mortgage insurance?
These are all questions that need to be answered with what you want from your property mortgage before you go looking for the best rates.
Comparing the market to find the best rates
We all have a bank that we use for our finances, and no doubt they will offer mortgages as well. It can be tempting to go straight to your trusted source and pick from their deals. The truth is that they may not meet your exact needs, and reports have shown that shopping around gets you the best deal.
What the latest reports have found is that:
- Living outside the city gets you a better deal
- Preferential rates are given for age, finances and loyalty
- Customers get the best rates through mortgage brokers
Basically, what this means is that by taking a closer look on things and asking questions by comparing mortgage rates in Canada with ratesupermarket.ca you can find the best deals. Credit scores can be protected by using one broker who can use one report for all lenders, and if you don’t compare mortgage rates then you could pay an extra $10,000 across the life of your mortgage.
What does this mean?
The results of this are that posing the question to people and doing some digging can reap the most rewards. Going behind the scenes is crucial in getting the discounts to mortgage rates that we are all looking for. Never settle just because of a poor credit rating or because you are being discouraged because the perfect deal could be right around the corner.