Whether you work with the BIG banks, or you partner with private mortgage lenders to get your first or 2nd mortgage loans, you’ll always need to make sure your credit score is just right in order to qualify for the best rates.
Managing your credit score
Potential lenders, be it a major financial institution or a private mortgage broker in Toronto, will give great importance to your credit score. There are things you can do NOW, to make sure your score meets the requirement – between 650+ and 750+ to qualify for the best mortgage rates in Toronto:
Managing your credit score is about paying attention to these four points on an ongoing basis. Even if your credit score isn’t perfect – don’t stress! Consult one of the reputed private mortgage lenders in Toronto and ask them for advice on how you could start mending your credit in order to be eligible for low interest rates on your next loan.
The BIG question: Mortgage brokers or banks?
One of the most important acts of diligence to perform is the Mortgage broker vs bank evaluation. In deciding which lender you should choose to qualify for the lowest rates; you need to assess which partner your credit score will make the most favourable impact on.
Private mortgage lenders like Mortgage Genie usually have a policy to review your entire credit profile, without undue focus on just your credit score. So, even if your credit score is marginally below the acceptable threshold, you are likely to qualify for better mortgage rates in Toronto than you might expect working with the BIG bankers.
Even if your credit score is too low to get you competitive rates immediately, the analysts at Mortgage Genie will help you understand the strategies that you can put in place to repair your credit over time. Within a year or so, by following their advice, you too could qualify for the lowest mortgage rates offered by them.