How To Qualify For Toronto’s Best Mortgage Interest Rates

If you live in Toronto you have likely felt the budgetary pinch of the high cost of living. Toronto has become one of the most expensive places in Canada to live. Homeowners especially, have faced higher land transfer taxes and rising property taxes, higher utility costs and more.

So when the cost of living goes up, how can you find cushion in your budget so that you don’t buckle under the financial pressure. The first thing you can do is take a look at your current mortgage terms.

Your interest rate, the manner in which it compounds and amortization, all affect your mortgage payment. The first thing you want to do is see if you qualify for not only a better interest rate than what you’re paying, but Toronto’s best mortgage interest rate.

Qualifying for the lowest mortgage interest rate in Toronto will involve having a strong financial profile. This includes having good income, job stability, low income to debt ratios, a credit score that is at least 680 and minimum 3 years of excellent credit and more.

Those with low credit scores, difficulty proving income and debt service ratios may not qualify for Toronto’s lowest mortgage interest rate, but may still have options. Those who have a weaker financial profile can still increase cash flow and reduce their monthly payments through using home equity to consolidate debt. The weaker the financial profile, the more equity they will need to have in their property.

If you want to qualify for Toronto’s lowest interest rates then do some planning. Request your credit report online at Equifax’s website. You can also request your complete financial report card at TrueAssess. You can speak with a mortgage broker to obtain tips on how you can prepare to build the strongest financial profile in order to qualify for the lowest mortgage rates.

At the end of the day understanding your banks requirements will enable you to be successful when the time comes to look for a low interest mortgage. For more information visit www.gtamortgagematters.com.