Invis - The Siemens Group Highlight The Steps Proactive Buyers Can Take to Ensure the Best Mortgage Rates for a Future Home Purchase
 June 29 2016     Posted by Siemens Group

Many buyers feel they don’t have any impact on the mortgage rates their lender provides for their mortgage. But this couldn’t be further from the truth. By acting decisively and reviewing the guidance of market experts, buyers can ensure they achieve the best mortgage rates available for their future home purchase. In this latest, the specialists at Invis – the Siemens Group highlight the steps proactive buyers can take to ensure the best mortgage rates on their home.

Pay Down Debt Before Purchasing the Home

A person’s credit score can be a deciding factor in the mortgage rate their lending institution offers for their home purchase. This means homebuyers should work to improve their credit score in the months before they choose to buy. An important part of this process is reducing debt levels, particularly credit card debt levels. A high level of credit card debt can lower a person’s credit score and make them a less attractive candidate for a loan, significant increasing their mortgage rate. Buyers should also ensure their employment is secure in the months leading to their purchase. This will help them to further pay down their debt and showcase their ability to pay their mortgage over time.

Find a Good Broker

The right mortgage broker can make all the difference between a challenging and costly home purchase process and a purchase process in which all stages are completed seamlessly. All buyers should consult directly with a mortgage broker before they considerto negotiate terms with their lender. The broker will act as the buyer’s representative when negotiating rates, and will use their background in the industry as well as their network to help the buyer find the lowest possible rate for their mortgage loan based on the situation of the buyer. It’s important to locate a broker that has many years’ experience within the marketplace and one that is able to communicate effectively throughout the home purchase process.

Save for a Larger Down Payment

One of the reasons many homebuyers don’t get the best mortgage rates for their purchase is that they’re not able to put down a large payment on the property. The size of the down payment will be a significant element for the bank in determining the mortgage rate the buyer pays. The larger the payment the smaller their interest rate. Consider all possible fundraising options to ensure the largest down payment possible for the purchase.

The experts at Invis-The Siemens Group have many years’ experience brokering deals for their home buying clients. To learn more on the company and the services they provide, call their office team today at 604-351-7438 or visit their business website directly at www.siemensgroup.ca.