CURRENT RATES

5 Year Mortgage Rates
Term TypeRatePromo & Info
5 YearFixed (standard)2.49%
5 YearFixed (promo)2.29%-*call for restrictions
-High Ratio Only
-Meet property guidelines
5 YearFixed (promo)2.49% & -Condo Doc Review, Reimbursement $500 *call
5 YearVariable (promo)2.10%
* Subject to change without notice *OAC *Some Underwriting Restrictions Apply
Our Mortgage Rates
TermTypeRate
2 YearFixed2.19%
3 YearFixed2.29%
4 YearFixed2.39%**High Ratio Only
5 YearFixed2.29%**restricted, call for details
6 YearFixed2.99%
7 YearFixed2.99%
10 YearFixed3.54%

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How to get Approved for a Better Mortgage

March 12, 2015 | Posted by Nathan Zacharias | Tagged in

Not every mortgage application gets approved. Lending such a large amount of money can be a risky venture for a mortgage company, which is why getting the best possible mortgage approval involves making sure your financial profile is in good shape.

Owning Better Mortgage

Try these two big tips to make sure you increase your chance of getting the best mortgage rates available.

Get a mortgage pre-approval
A lender will review your financial profile and calculate just how much of a mortgage you can reasonably afford. This profile includes your assets and liabilities, your income, where you are getting the money for your down payment, and also a review of your credit report.

In fact, getting pre-approved is recommended by mortgage professionals and lending institutions of all sizes as an important first step when you start looking at homes and mortgage options.

Once your financial criteria are looked over, the maximum mortgage rate will be determined and you will be given a pre-approval letter, which will state a guaranteed interest rate for a period of 60 to 120 days. This letter has some conditions, but is basically a written commitment to honor the mortgage terms offered, provided you keep your situation substantially the same and provide the required documentation at the time of your home purchase. You’ll want to go through this process once your finances are in order.

It’s also important not to add new debt in between receiving a pre-approval and signing a mortgage agreement, as this can put your chance of getting the loan at risk.

Improve your credit score
Having a strong credit rating goes a long way to securing a mortgage loan on optimal terms. Make sure that regular loan payments towards things like credit cards and automobiles are made and paid off on time. If you’re short on these payments, it can negatively impact your credit score. Always make your online payments 3 to 5 business days in advance to ensure they are processed before your due date!

For credit cards, the trick is to not simply open an account and then never use it – leaving the balance always at zero. You will get a higher credit rating score by regularly using your credit cards and paying them off on time. Credit cards are referred to as “Revolving Credit” and, as such, utilizing the credit facility is the best way to show your ability to manage it.

A simple way to get a quick bump in your score is to ensure your balances are not too close to the credit limit. Utilizing 50% or less of the available credit can ensure that you do not appear over extended and keep your Beacon Score high.

In addition, paying off utility, phone, credit card and other bills on time will help increase your credit score.

The keyword here is responsibility. Create a schedule and stick to it. If you get a bill in, commit to paying it off within a week, and budget your finances accordingly so you’re able to do so. The better your credit score, the more favorable your mortgage will be, and this is how you get a better mortgage!