You have lots of mortgage options if you live in Mississauga. Mississauga is part of the GTA and very close to Toronto which is a financial hub.
Unlike homeowners who own properties that have lost value (rural properties or properties located in regions with high unemployment rates), Mississauga homeowners have fared well through the recent recession. Some have even seen an increase in their properties value.
Whether you are preparing to obtain a mortgage in Mississauga to purchase or refinance, you should start planning at least one year in advance if you want to get the best deal. To get the best interest rate and most flexible mortgage term you will need to:
have good credit
demonstrate good stability
be able to prove your income
have low debt service ratios
With this in mind, here is what you can do to start planning to apply for a mortgage in Mississauga.
1. Request your credit report from Equifax and your TrueAssess Financial Report Card.
2. Ensure that all of your taxes are filed up to date and that you can prove your income.
3. Look at your current debt load and come up with a plan to pay down your debt to acceptable levels.
If you know you have poor credit or can’t prove your income, you’re not sunk. You will simply need more money down if you are purchasing a home or alternately if you are refinancing your home; you will require more equity.
The best thing to do if you want to apply for a mortgage in Mississauga, is establish a relationship with a good Mississauga mortgage broker. A mortgage broker in Mississauga will be both knowledgeable about the real estate values in Mississauga but will also know what the best available mortgage options are.
For more information visit www.gtamortgagematters.com.
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