Over the years, many people carefully watch how they spend their money. Whether you keep track of how much you spend daily on coffee, a week’s worth of lunches, or even the occasional night out, it all adds up in the long run. In fact, keeping an eye on small expenses is only the beginning of prudent fiscal management, and a commitment to a frugal yet fulfilling lifestyle.
One of the biggest purchases you will ever make in your life is a home of your own. The magnitude of buying a home impacts not only how or where you live, but also your financial security and credit score. Before you qualify for a home loan, you must meet the requirements established by banks.
Your credit history speaks volumes to a bank, and directly affects what you can expect when you apply for a mortgage. The Canadian housing market changed over the last few years as regulators tightened access to credit in the fallout from the global recession. As a result of the tighter rules, a mortgage is subject to stricter terms and conditions over less time. Your personal financial history impacts what you can negotiate from the tougher conditions.
The internet makes the process somewhat simpler, particularly if you are a first time homebuyer. The housing market is very different compared to what past generations experienced, and the process is particularly challenging for people who are entering the market for the first time. These changes include simple concepts such as using online comparison websites where you can compare mortgage rates from some of the leading providers across Canada all in one location.
This is a particularly valuable service because it helps you reduce the amount of time you spend finding a mortgage that meets your requirements. Today’s market is all about speed and convenience, which makes comparison shopping from the comfort of your own computer or on the go using your smartphone all the more important.
Perhaps even more important is that by using the internet, you can find mortgage rates and terms from some of of Canada’s lesser known providers. While a better deal isn’t always a guarantee, sometimes the smaller companies advertise a better mortgage than their larger counterparts, which can save you thousands, if not tens of thousands of dollars over the course of your mortgage term.
The decision to buy a home isn’t one to be made lightly, but anything you can do to make the process more rewarding for yourself is for the best. The government tightened up lending conditions, but you can use a few handy tools to acquire the best mortgage to make your homeownership dreams come true.
Do you check online for rates?
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