After years of working very hard, you have finally decided to become a homeowner. After carefully planning your finances, preparing cash for a down payment, and coming to several open houses in your target area, the time has come to go around and arrange for a mortgage.

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Featured Rates

FIXED

LenderRateTerm
Mortgage Lendwise RateLendwise

3.40%

5-Year
Mortgage First National Bank RateFirst National Financial

3.59%

4-Year
Mortgage RMG RateRMG Mortgages

3.29%

3-Year
Mortgage Street Capital RateStreet Capital Bank

3.19%

2-Year
Mortgage TD Bank RateTD Bank

3.19%

1-Year

VARIABLE

TermRate
5-Year Variable

2.75%

3-Year Variable

3.35%

OTHER

TypeRate
Line of CreditStarting at

3.00%

Equity LoansStarting at

5.99%

Private MortgagesStarting at

5.99%

Tips for First-time Homebuyers: How to Get the Best Mortgage Rate

Fortunately, competition among mortgage lenders remains fierce, giving homebuyers like you a better position when negotiating for better rates and terms. But just like in any battle, it would be difficult for you to win if you come to the field unarmed. Here are simple, yet effective tips on how to get the best mortgage rate in the Canadian market.

 

Get a higher credit score

Lenders will automatically check on your credit score to determine your credit worthiness. If you have a good rating, you would more likely be offered better rates on your mortgage. Remember that almost all financial institutions look at risks as a great factor when assessing an individual’s ability and responsibility in managing finances. To improve your credit score, make sure to regularly pay all your credit card debt and all your other bills on time. Also refrain from spending more than 30% of your card’s available credit limit.

 

Present your employment/business ownership record

Home loan providers also think that people who are employed and who have a steady income for at least the last two years are less risky as borrowers. If you have a business, presenting them your business cashflow for the last year or two is like assuring the lenders that you have the financial capacity to repay loans.

 

Set a huge amount for down payment

Many lenders are not very strict when it comes to requiring down payments to home loans. Across Canada, you can shoulder at least a 5% down payment on a home loan. But if you really want to attain or negotiate for a more competitive interest rate, you could set a good impression by offering to pay 20% or more in down payment. In general, loan providers think that a huge down payment is an indication of the loan applicant’s commendable financial strength, which lowers possibility for risks.

 

Opt for a closed-term mortgage

There are two major types of available home loans based on duration or term: open and closed. An open-term loan will allow you to settle the loan amount before maturity or possibly transfer the loan to another person without incurring any prepayment penalty. A closed-term loan will require you to stick to the provisions of the mortgage from the time it was made effective until its maturity or end of term. Lenders usually impose better rates on closed-term mortgages, though you have to carefully think about it because there could be unforeseen circumstances in the future that will make you want to settle the loan earlier.

 

Go long term

For the budget-conscious homebuyers, a mortgage with longer term will take lower interest rates. If your loan has a 30-year term, it would have a lower rate compared to a loan with a 10-year maturity. However, you might not want to prolong your loan duration as doing so would also lead to a larger loan amount overall.

OUR CUSTOMERS LOVE US

My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Linderman Beadles
Linderman Beadles
06:16 26 Feb 18
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Gina Carroll
Gina Carroll
05:06 28 Feb 18
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Deane Laflamme
Deane Laflamme
04:40 27 Feb 18
My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Stephnie Boyles
Stephnie Boyles
13:59 15 Nov 17
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Billye Peralta
Billye Peralta
13:38 19 Nov 17
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Moore Hoover
Moore Hoover
02:25 16 Nov 17
We worked with Leon and he provided a thorough and a professional process in re-financing our mortgage. Communication was consistent, he was easy to reach and documents were processed quickly. Most importantly, we got a great rate that has us savings hundreds of dollars per month on our home. These guys really know what they're doing.
Melissa Brown
Melissa Brown
00:12 18 Jul 17
As third time home buyers we couldn't be happier with the service we got from Certified mortgage broker. The team did a great job working on our loan. Everything was fast, easy and transparent. Probably the best mortgage experience i’ve ever had.
Riley Clements
Riley Clements
15:27 20 Jul 17

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