How to Get the BEST Mortgage Interest Rate
Get Your Credit Report Ready 
Check to ensure that there are no errors that have been reported on the credit that affect your score. Rates are not the same they vary even with one point. For instance a borrower with 639 will get a high rate compared to a borrower who has a 640 credit score. Ensure that the carried balances on credit cards will not exceed thirty percent of your credit limit. If you are using Canada express card, you have to be careful not to carry a balance on it. Your credit report updates monthly so it is vital that you start this process one month before shopping to get a good deal.
Shop Around 
There are so many companies that provide Canadian mortgage rates. A mortgage is a big financial decision in most people. It is better to deal with a local company compared to a company that is in another country. If you deal with a local company you will have a good chance of meeting face to face with the person who is handling your future financially.
Get Into Details 
Just imagine going for a therapy and hiding something from your massage Winnipeg person. Similarly, if you are comparing mortgage rates online read fine prints. For example if you are looking for a thirty fixed mortgage rate, it is prudent that you read disclosures which are next to the rate. There are some companies that like misleading consumers through advertising low interest rates without clear disclosures of the next rates. Most of the companies that do this they are out of compliance and are never trustworthy for mortgage.
Don’t Hide Anything From Your Broker
When you contact a mortgage company give out the right information so that you can get the right estimate. There is nothing like free mortgage. There are lenders who advertise low costs but in return they provide a high interest rate. The lender agrees not to charge any points. There are lenders who set their pricing high and others lower. If you want true transparency the best thing to do is shopping using a mortgage broker. Brokers disclose to consumers how much profit that they make it’s not like banks that do not have such kind of obligation.
If the interest rate is high the more money they will make. Compare mortgages rates and look for origination charges for same rate with companies that offer you with good estimates.
Find someone in your city 
Local mortgage broker has low rates. This is because they get low rates from banks or lenders that you are going to be shopping with. The same bank might offer a low rate through mortgage broker because brokers spend upfront cost.