How to score the best deal on your mortgage
For many Canadians, navigating the mortgage waters can be a challenge. However, there are steps that consumers can take to ensure that they are getting the best possible deal.
Before starting the process of finding the perfect home, there are steps you can take to ensure you're also getting the perfect mortgage.
The first step is to request a copy of your credit report. Lenders are placing more importance on borrower's credit reports, making it even more crucial to ensure you're in good standing before applying for a mortgage. It is recommended to obtain a copy of your personal report six months in advance to allow time to address any possible errors or items that should be cleared. A free copy of your credit report can be requested by contacting one of the major Canadian credit reporting firms; Equifax or Transunion.
After ensuring your credit is in good standing, the next step is to contact a professional Mortgage Broker. A Mortgage Broker negotiates on your behalf to obtain not only the best mortgage rate, but the best possible mortgage for your needs. Most potential borrowers will focus on the interest rate, and although it is a very important part of the mortgage, there are many other important factors to consider. Portability, the ability to make extra payments, possible penalties if you break the mortgage early and the length of the term you take are all examples. A Mortgage Broker will find out what your needs are and find the mortgage that is the best fit for you.