The best rate on a mortgage these days comes down to more than just credit. If you want the best rate there are some additional factors we have to consider:
- Credit is great but there needs to be a 2 year history, or major reason why there is no history.
- Income is guaranteed; but short tenure would lead to more questions, and reason for short tenure
- Down payment; this can be gifted but make sure its in a month ahead. In addition, some lenders just don’t like gifts, as it shows the mortgage borrower cannot save up. RRSP’s are a good way to save up, as you use these as well.
- House. The house itself may be beautiful; but if its not in a easily marketable area, or simply too rural you may be subject to restrictions. Leading to higher Mortgage rates.
It takes more than just a guaranteed job, with a credit card being used, and a gift from your mother to buy a house.
At Mortgage Suite our goal is to source you the best rate, we do this by getting the data all up front, and being efficient in the handling of your file. Getting the hard questions out of the way enables Mortgage Suite to obtain the best rate for you. With the most lenders at our finger tips we can achieve this.
We have also integrated systems to create Mortgage Suite Simple* for easy application processing. You can create your own login ID and being your path to a better mortgage instantly. Or simply fill out our online pre-qualification tool.
