Canadian Mortgage Advisor
8-8 Strathearn Avenue
Greater Toronto Area , ON , L6T 4L9 Canada

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Helping GTA Homeowners find a mortgage that is right for them
Call Us: 1-416-930-1225

That is a question we all ask ourselves

This is the most common question everyone asks. The answer to this is not very straightforward. There are a number of factors which influence your mortgage rate. Also the rates change very frequently. Be aware of bait and switch. You must do thorough research before you decide on the product you need or you want.

Jason Allen, Robert Clark and Jean-François Houde, of The Bank of Canada, published a study which discussed the same matter we are reporting in this article. According to their article, there are several steps involved when trying to get the best interest rate.

  1. Shop for better rates: This could be achieved in two ways,
    • Contact a mortgage Broker. – To do research by yourself is time consuming and tedious.
    • Contact lenders to give you a quote. – If you choose to go the lengthy way.
  2. It is a good idea to have a mortgage default insurance – which assures the banks against any defaults and gets you a better rate.
  3. Having a good credit history is very important.
  4. If you are in a high paying and stable job in a reputed company then chances are that you will get a better interest rate.
  5. Depending on the amount borrowed, the rates typically change. Higher amounts generally receive a better rate.
  6. Always ask your existing bank. They tend to offer better interest rate to their existing clients – only when they threaten to take their businesses somewhere else.
  7. Try to avoid a minimum down-payment. With a higher down payment you can have a better interest rate. At the same time, having too much of a down payment can also reduce the chance of a better discount.
  8. New customer gets better rates.
  9. Smaller lenders often offer better rates.

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About Us

Sudip Adhikari.
Agent License #M10001082
Broker Mortgage Diligent -
Head Office -1305 Matheson Blvd East, Mississauga, ON L4W 1R1
FSCO #10252 O.A.C , E&OE

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