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Canada’s Lowest Mortgage Rates
Listed In: Mortgages
Guide to Getting Canada’s Lowest Mortgage Rates When buying a home, most Canadians will need to borrow money from a lender. Home buyers will spend a major part of their life paying off the loan and the interest. Your mortgage interest rate is very important as lowering your interest rate by… Guide to Getting Canada’s Lowest Mortgage Rates When buying a home, most Canadians will need to borrow money from a lender. Home buyers will spend a major part of their life paying off the loan and the interest. Your mortgage interest rate is very important as lowering your interest rate by even 1 or 2 points will save you thousands of dollars. A number of factors are used by lenders in Canada to determine if you will qualify for a mortgage and what interest rate you will pay. To get Canada’s lowest mortgage rates, you will need to meet a lot of the lender’s requirements. Criteria to qualify for Canada’s Lowest Mortgage Rates Credit score: The higher your credit score, the lower will be your mortgage interest rate. If you make a bigger down payment, you may qualify for Canada’s lowest mortgage rates even with an average credit score. Employment and income stability: Lenders prefer borrowers who have had a steady job for 2 years. Unemployment, declining earnings and self-employment are not good when applying for a mortgage. Self-employed persons will require submitting their tax returns to obtain a home loan. Down payment: A down payment of 20% or more is the best way to get the lowest mortgage rate. If your down payment is less than 20%, you may have to pay mortgage insurance. Read more
Canada’s Lowest Mortgage Rates
Canada's Lowest Mortgage Rates, Mississauga, ON
Canada's Lowest Mortgage Rates, Mississauga, ON