Buying a home is arguably one of the most expensive investments a person can make, but unless you have a savings account stashing away the national average home price of $400,000, you will require a mortgage. Qualifying for a mortgage requires an adequate credit score, and enough savings to put down a down payment on a home. The quality of your credit score and the size of the down payment both contribute to the mortgage interest rate you receive.
However, the art of negotiating for the mortgage loan is different in today’s market compared to years past. In the old days, a loan applicant would be forced to meet with a banker or a mortgage broker, and plead the case for home financing. This process required a significant amount of time, and likely cost more money than necessary. Many creditors prefer dictating what they feel is a reasonable mortgage interest rate, and expect you as the applicant to accept their terms.
Thankfully, technology in today’s market simplifies the application process, and can potentially save you thousands of dollars over the lifetime of your mortgage loan. There are now websites that act as one-stop shops for comparing mortgage interest rates from some of the leading providers across Canada. Using these sites and the mortgage calculator tools, you can find the best advertised rates within minutes. Offers from all viable competitors are available in one place, which puts the leverage for a fair mortgage loan back in your hands.
Many Canadians don’t realize that even a fraction of a lower mortgage rate percentage can save potentially tens of thousands of dollars by the end of the loan term. This means you make smaller monthly mortgage payments, and the interest remains significantly lower than it would be otherwise, which means you pay closer to the amount that you borrow.
Opportunities are out there to find an affordable home in Canada, and online mortgage comparison helps you acquire the best options in no time at all.
source: marriedwithdebt.com
