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5 tips on how to get a mortgage in Canada with low interest

On 08/03/2023 0

To get a mortgage in Canada with low interest, you can follow these steps:

 

  1. Improve your credit score: Your credit score plays a critical role in determining the interest rate you'll get. The higher your credit score, the lower the interest rate you'll be offered. So, try to improve your credit score by paying your bills on time, keeping your credit utilization ratio low, and avoiding applying for new credit.
  2. Save for a larger down payment: The more you can put down as a down payment, the less you'll need to borrow, which can result in a lower interest rate. Aim to save at least 20% of the purchase price of the home.
  3. Shop around for the best rates: It's important to shop around and compare rates from different lenders. You can use online mortgage comparison tools or work with a mortgage broker who can help you find the best rates and terms.
  4. Consider a shorter mortgage term: A shorter mortgage term can also lead to a lower interest rate. While a 30-year mortgage may seem more affordable, you'll pay more in interest over time. A 15 or 20-year mortgage term may have a lower interest rate, and you'll pay off your mortgage sooner.
  5. Get pre-approved: Before you start looking for a home, get pre-approved for a mortgage. This will give you a better idea of how much you can afford and what interest rate you'll qualify for.

Remember that the interest rate you're offered will depend on a variety of factors, including your credit score, down payment, income, and the type of mortgage you choose. So, be sure to do your research and shop around to find the best rate for your situation.

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