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How to Find The Best Mortage Rates in Canada
Mortgages for Home Purchase, Refinance and Home Equity

At Smart Money Station, we want to help you make wise choices when it comes to selecting a mortgage. Regardless of whether you need a mortgage to purchase a home, to refinance or to access the equity in your current home, we have listed the steps below to help you get the best mortgage rates in Canada with the best terms. We don't want to make any assumptions about your current credit knowledge, so feel free to skip steps if you are more advanced.

IMPORTANT! Before Proceeding ...

You can skip the learning below and go directly to our Mortgage Application. Here you can submit your application to us and our mortgage brokers will get started finding you the best lender for your needs.

CHECK YOUR CREDIT REPORT.

This step is important, especially if you are concerned that you have a less than perfect credit rating or credit score and might not qualify for a conventional mortgage. Since applying for any new credit has a negative effect on your credit score, it would be wise to know ahead of time if you have a good enough credit score to quality.

When it comes to mortgages, your credit score (which ranges from 300 to 900, with the higher score the better) will ultimately determine the mortgage product and interest rate that you will qualify for. If you haven't already done so, order your credit reports and credit scores before proceeding.

IMPORTANT! The credit score, or beacon score, is a number which gives mortgage lenders an idea of your lending risk. Credit scores range from 300 to 900, the higher your credit score the better. The mortgage products and interest rate that you will qualify for are often determined by your credit score. Even if you think have a good credit score, it’s always a good idea to check your credit report before applying for any new credit, a mortgage being no different. You can detect any problems or errors on your credit report before being denied credit due to an error. If you have bad credit and are trying to improve or repair your credit rating and credit score, you'll want to be careful with your payments and closely monitor your credit report and score regularly.

To learn how to check your credit report and credit score, click here for instructions
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WHY DO YOU NEED A MORTGAGE?

To Purchase A Home.

There are many mortgage options available for first-time and experienced home buyers. Purchasing a home is one of the most important and largest decisions that most people will ever have, so it is worth a little extra due diligence.

One way to make sure you are getting the very best mortgage product and rate is to consult a mortgage broker. Through our relationships with professional real estate investment organizations and brokers in Canada, we help our clients find mortgages with the best rates and terms, personalized to fit their needs and goals. Our team members have access to over 40 Canadian mortgage lenders, including banks, credit unions and trust companies.

If you are looking for a new home, a licenced mortgage professional can help you get pre-approved for a mortgage and lock-in an interest rate for up to 120 days. If rates go up, you are guaranteed at least the rate you locked in at. If they go down, your locked-in rate will also go down. With their guidance, you'll know exactly how much you can afford based on the lender and insurer criteria, and you'll know exactly what your monthly payments will be. Knowing that financing is available, you will also be in a better position to negotiate against other buyers who may not be pre-approved.

To Refinance Your Mortgage.

There are many reasons for wanting to refinance your mortgage. You may want to consolidate your existing debt, or switch from a fixed-rate mortgage to a variable-rate. Perhaps you wish to refinance in order to access equity so that you can perform some home improvements, invest, or pay for your kids university.

To Access Home Equity

One of the easiest ways to access money is through the equity that you built up in your home over the years. Many Canadians see home ownership as an investment vehicle, one that is fairly stable over time and has proven to be profitable. When you need money to pay for large expenses, this is a very popular method, especially when you have a good first mortgage in place.

To explore your mortgage options, complete and submit the application in Step 4 below. One of our mortgage professionals will call you to discuss the term options, the latest programs available, all the costs involved, and will review with you what they feel is the best mortgage product to meet your needs.

KNOW THE TERMS.

The terms and conditions are other factors that may affect your choice of a mortgage. It’s very important to understand them because they can affect things like the amount of interest you pay over the mortgage term.

Interest Rate: Are you looking for the lowest rate possible, or are you willing to pay more interest in exchange for preferred terms?

Repayment Term: The length of time you take to pay the mortgage back will determine the monthly payment. The longer the term, the lower the payment, the shorter the term, the higher the payment.

Suitability: Do you have bad or no credit? Are you a first-time homeowner? Are you looking to refinance? Are you currently in a Rent-to-Own agreement and are getting ready to purchase the home?

Quick Mortgage Calculator. Enter the information in boxes 1, 2 and 3 and click Compute to display the payment information below.
1)	Amount of the mortgage that you need (any currency):
2)	Annual percentage rate of interest:
3)	Repayment period (in years):

Payment Information:
4)	Your monthly payment will be:
5)	Your total payment will be:
6)	Your total interest payments will be:

SUBMIT YOUR APPLICATION.

We have partnered with professional mortgage brokers in Canada to help find you the very best mortgage rates and terms available. Simply complete the application and we will contact you with more details.