By Admin on Jul 9, 2009 in Renting & Real Estate
Evelyn asked:
I am planning to buy a house soon. Well it is actually a condo, not new but still in a good condition. This will be my first time purchasing a home.
I am planning to buy a house soon. Well it is actually a condo, not new but still in a good condition. This will be my first time purchasing a home.
Please answer the following questions only if you live in Toronto, Ontario, Canada.
I am now in the stage where I shop around to find the best mortgage rate. I am pretty sure I will not be the only one doing this right now.
1. So just wondering, if you are in the same stage with me right now, what is the best rate you got and from which bank/branch.
Or
2. anyone who has recently applying for mortgage and think they got the best rate, please share.
It does not matter what other people might get as an interest rate nor what bank they got the interest rate.
Each individual’s interest rate is based on that individual’s credit score and how they have paid their debts on their credit report.
There are many things you should do, but the first thing you should do is contact a mortgage broker that does FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.
This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.
I hope this has been of some use to you, good luck.
“FIGHT ON”
loanmasterone | Jul 11, 2009 | Reply
I live in Calgary, i just got my mortgage approved for $320,000.00 with RBC back. interest rate 3.75% i have had credit just for 6 months and have had a job just for 10 months. I thing they’re the best bank even though i am with TD Canada trust. They also gave my cousin a credit card of $5000 he did not at the time have a job and he live in Toronto.
budyalo | Jul 14, 2009 | Reply