One of the factors to prequalify for a home mortgage loan is looking at your credit rating or credit history. Should your record be clean then you have nothing to worry about, however, if you have any charge-offs or bills that go through to collection and are officially reported to the credit bureau, then you have no choice that you need to clean that mishap first before try applying for a loan.
Another important key factor that could give chance to get low mortgage interest rates is to keep ready with a sizable down payment. One of the ways is to save money each month is by automatically deducting an amount of money from your paycheck into a dedicated savings account. You can also know more about best Mortgage Rates in Ontario online.
A 20 percent payment is decent enough for the down payment. With this money, the lender will use them to secure the loan with insurance, for any chance that you may meet hard times and default on your loan settlement. By offering the down payment you won't have to purchase extra insurance for the purpose of guaranteeing the loan.
If buying a home at mortgage rates today is something you want to do, it may be to your advantage to take a little time and prepare.