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19 Items that affect YOUR interest rate

In today’s complicated mortgage market the difference between “what is your best interest rate” and “what Is my interest rate” may be very different. Here are 20 items about that affect the interest rate the lender will offer you.

  1. What is the mortgage term?

  2. Is the mortgage for a primary home, second home or rental property?

  3. Can you adequately prove you income?

  4. Where is your property located?

  5. Is your closing date within 120 days?

  6. Are you willing to take a mortgage with payment restrictions?

  7. Do you require a bridge from another property?

  8. Do you want options at the end of your term or are you ok with restrictions at renewal time?

  9. Are you ok with a very large penalty to break your mortgage?

  10. Is the property a condominium?

  11. Do you have any issues on your credit bureau such as missed payments, consumer proposal or bankruptcy?

  12. Is this a live file or a pre-approval?

  13. What is the loan-to-value (the percentage of your mortgage vs. your home value)?

  14. Is the mortgage insured (less than 20% down payment)?

  15. Can you pass the benchmark stress test?

  16. What is your credit score?

  17. Is this a purchase, refinance or switch/renewal?

  18. What is the purchase price of the property?

  19. What is the amortization of the mortgage?

We can always tell you what our “best interest rate” is but depending on the above factors that may not be the best interest rate that you qualify for. It is important to assess all these items to truly find out what mortgage will be the best fit for you.

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