December 14, 2018 Kristen Godel

Low Mortgage Interest Rates – How Do I Qualify?

Mortgage interest rates are one of the most popular questions surrounding mortgages. Whenever anyone is looking to seek financing for a purchase, refinancing or equity take out, they are always interested to know what the best possible mortgage interest rates are available at anytime.

For the past 10 years, mortgage interest rates have been at an all time low. It’s never been a better time to borrow money for the purchase of your home or to take some money out in order to consolidate other debts. Having said that, mortgage interest rates are starting to slowly climb, and the days of low mortgage interest rates are soon to be behind us. Although there is nothing we can do about this, not all mortgage lenders post the same exact mortgage interest rates as their competition. In fact, there is often a little bit of variance from one mortgage lender to another. It’s our job to take your application to the most competitive mortgage lender who amongst other things, would offer the best possible mortgage rates that is suitable to your application.

 

It’s important to note that in order to qualify for the lowest possible rate, your application would need to be approved by the “A-Lenders”. These types of lenders have specific criteria that need to be meet in order to get approved. Most of these lenders require good/excellent credit with polished credit history with at least the last 2-3 years showing no missed payments on all trades reported by the credit bureaus. In addition to credit, these institutions also want to see stable income that can service desired mortgage within the debt servicing guidelines that have been set. In other words, can your income support the mortgage payments, housing expenses plus all other outstanding debts you currently have?

If both items are satisfied, then it is very likely that you would qualify for the best possible mortgage interest rates that are available at any given time. Even though the rates themselves would fluctuate over time, these items would ensure that you would get the best mortgage interest rates being offered in any period.

 

If you are in need of a mortgage solution and are looking to find out more about mortgage interest rates, please contact us today – 905.455.5005