Secrets you didn’t know about mortgages

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Secrets you didn’t know about mortgages

Most people the world over and in Canada specifically shy away from applying for a mortgage. This is owing to the fact that they assume the process to becoming a home owner eventually- is highly complicated. However in actual fact this is not so. So, to help you understand the process a little better, here are some secrets you ought to know:

Mortgage rates are in a state of constant flux so use the ‘lock in’ option

Just because you saw one mortgage rate today, that does not mean it will stay the same for the coming weeks or months. Keep in mind that mortgage rates are in a constant state of flux. So in such a case what you need to do is constantly compare mortgage rates. It is primarily for this reason that many lenders give buyers the chance to ‘lock in’ a rate they feel is best for them.

You don’t need a huge down payment to get a mortgage

Contrary to popular belief, you don’t need a huge down payment in order to get a mortgage, if you have bad credit. Through 20-25% of the homes selling price is generally considered the norm. But in actual fact there are many people who simply put down 10-15% of the total amount as down payment. It is all depends on your overal situation.

You can get a mortgage without good credit

If you were unaware you can certainly be eligible for mortgage even if you do not have good credit.  Matter of fact if you have a bad credit you can still apply and get a loan. However you do need to know that a good credit history will end up saving you thousands in interest over the term of the loan.

These are simply some secrets which very few people in Canada and the world over are aware of. So, rather than being fooled, you should always make it a point to be well informed.

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