Tips to Help You Get the Best Mortgage Rates in Mississauga

Getting the best mortgage rates in Mississauga depends on proving to lenders that you are worth the money you are asking for. Lenders will not make money if they do not lend money, but they have to be selective about homeowners they lend money to in order to minimize their risk. Whether you have just purchased a home or your mortgage is coming up for refinancing, obtaining the best possible mortgage rates can save you thousands or tens of thousands of dollars over the lifetime of the mortgage. To get the best mortgage rates in Mississauga, you should make a few considerations.

Better Mortgage Rates with a Large Down Payment

Lenders require mortgage loan insurance for loans made to anyone that purchases a home with less than a 20% down payment of the purchase price. The Canadian Bank Act prohibits most federally regulated lending institutions from providing mortgages without mortgage loan insurance for amounts of less than a 20% down payment. From a lender’s perspective, a larger down payment indicates more financial strength, and you will be rewarded with a lower interest rate. Generally speaking, the more you can put down on the house, the better rate you will receive and the more receptive you will find lenders.

Better Mortgage Rates with a Good Credit Score

A good credit score will help you get the best possible mortgage rates in Mississauga. You can raise your credit score by implementing good personal finance practices, such as paying bills on time, not carrying large credit card balances, and building a solid credit history with other small loans or vehicle financing. A lower credit score usually means a higher interest rate. By improving your credit score, you will qualify for the best mortgage rates, thus saving thousands of dollars over the lifetime of the loan.

Better Mortgage Rates by Researching the Market

Find out where mortgage rates are and where they are expected to go, then see what deals lenders are offering. Call, visit, or email lenders. Get the lender’s best offer, and then go elsewhere to see what you can do to beat the offer.
Contact a mortgage specialist who will help you get the best mortgage rates in Mississauga. Find a lender who works with all major banks and institutions, as well as has unlimited private funds. Also, a lender committed to providing personalized service that is professional, ethical, and knowledgeable will provide you with the optimal financial solution. 


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