Tips for Scoring the Best Deal on Your Canadian Mortgage in 2015

Posted on: October 1st, 2015 by firstandsecondmortgages No Comments

When you’re getting ready to invest in a new home, you don’t want to be burdened by your mortgage, and you don’t want to feel like you’re being treated unfairly by a lending institution either. Often, the best choices are to pick someone you know and trust to get the best deals, but you never actually know what your options are until you look.

In fact, one of the first thing that new home-buyers should consider before picking up a mortgage is what all of their options are. Choosing a reliable, trustworthy broker can help you find these options.

Look for Deals with Low Fixed Interest Rates

If you’ve got a good broker/adviser, they’ll help you get the best fixed interest rates that keep your house payments from doubling while you’re making long term payments. These types of options typically help people make ends meet, even if they’re buying a more expensive new home. Also, there are two key actions that help those looking for affordable mortgage get a leg up on the process of getting a good deal:

Request your Credit Report

It’s easy enough to get your credit report that there’s no good reason why you shouldn’t. Simply contact the local credit bureau (FCAC in Canada). These independent government organizations exist to help you get a leg up on your information to get the best deals.

As long as you procure your credit report within six months of your potential mortgage, you can address outstanding bill payments and other errors that are getting you poor interest or term rates, giving you leverage that you need when negotiating your mortgage and struggling to get a good deal.

Do your Homework

Customers aren’t obligated to renew with the same institutions or follow the same procedures, especially if you’ve given yourself time to look around before you’ve started looking at mortgages.

Often, these other options give you a wider range of services, and assist buyers more to make mutually beneficial relationships. Look into all of your options, including:

  • Penalties for refinancing
  • Is it an open, variable, or closed mortgage?
  • Is it portable if I choose to move again?

Simply asking questions ensures that you’re going to get the best deals possible – otherwise you might find yourself on the other end of a terrible deal when you could have gotten much better rates.

We lend money to people fast, get you equity, and get your home buying process on the road with affordable mortgages in Calgary.

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