When it comes to buying a home, one of the most important factors to consider is the interest rate on your mortgage. Getting the best interest rate can save you thousands of dollars over the life of your loan. Here are some tips to help you secure the best rate:
Improve your credit score: Lenders use your credit score to determine your interest rate. A higher score usually results in a lower rate, so make sure to pay your bills on time and keep your credit utilization low.
Decrease debt-to-income: A simple way to get a better mortgage rate is to decrease your debt-service ratio. Canadian lenders use this to assess your risk level. You can do this by paying larger amounts on your debts, or by raising your household income.
Increase your income stability...
