Invis - The Siemens Group Highlight 3 Tips for Getting the Best Rates on a Mortgage
 May 3 2016     Posted by Siemens Group

Thousands of homeowners across Canada are now entering the mortgage application process with the goal of finding that perfect home. This process can be immensely challenging for those with limited resources, and this makes the need to find the best mortgage rates even more important for all homebuyers. In this article, the mortgage industry experts at Invis – The Siemens Group highlight three tips for getting the best rates on a mortgage.

1. Organize Financial Documentation Early in the Process

The financial institution will be unable to provide their best mortgage rates to buyers who are unprepared. This means that buyers must begin the mortgage application process by gathering all required documentation. An application will typically require that homebuyers gather two recent tax returns as well as pay stubs to prove their income levels. Buyers may also have to get a reference from their employer to highlight their income over a set period of time.

2. Get Your Credit Score

Before they begin applying for a mortgage, buyers should start the process by getting their credit score from their financial institution. This score will be the basis on which the lender decides the buyer’s mortgage rate and by getting their credit score at the inception of this process, buyers then have a clear path toward the best mortgage rates. An important consideration in determining a person’s credit score is payment of debts. A person who has paid their credit card consistently over time, and never fallen into delinquency on the account will have a higher credit score than a person who is consistently delayed in their payment. To find out their score, buyers should check with their financial institution, who will then provide the score free of charge.

3. Work with an Experienced Mortgage Broker

One of the leading mistakes local homebuyers make when entering the marketplace is to do so without specialist guidance. While they might believe they have the best credit score for low rates over the long-term, homebuyers may find the product they are shopping for is only available to them at high rates. That’s why many are now working with mortgage brokers. A mortgage broker can analyze a homebuyer’s unique mortgage requirements and use their experience to locate affordable, suitable mortgage products. They can also answer any of the buyer’s questions to help address concerns they might have going into the buying process.

By following the guidance within this article, buyers can now minimize their mortgage rate costs for the years to come. To receive more expert guidance on the mortgage marketplace, speak with the seasoned professionals at Invis – The Siemens Group via 604-351-7438 or visit their business website at www.siemensgroup.ca.