A good mortgage rate is important, but ultra-low rates with no options could cost you. Consider your circumstance — moving, wanting to make lump sum payments, needing to refinance — then consider how your mortgage options can help you. (Source: FCAC)
Get your credit report six months before you apply for a mortgage. This gives you time to check for errors and improve your credit score. (Source: FCAC)
The longer the amortization period, the more your interest costs will be. It is to your advantage to choose the shortest amortization — that is, the largest mortgage payments — that you can afford. You will pay off your mortgage faster and will save thousands or even tens of thousands of dollars in interest in the long run.
The “big banks” are generally in the business of lending to extremely low-risk borrowers. That doesn’t mean there isn’t options out there. Mortgage brokers have relationships with less-known lenders who specialize in more challenging lending situations.
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