Tips for Getting the Best Mortgage in Victoria

July 7, 2021

Finding the best home in Victoria is only a part of the struggle when you’re looking to become a homeowner. You need a great mortgage to go with it. A mortgage will have you forking out payments for many years to come. But, with some understanding of how a mortgage works and what to look for when you’re trying to qualify for one, you can certainly save. Here are some useful tips for getting the best mortgage in Victoria. Whether you’re using the top realtor in Victoria BC or not, these tips will help you access the best possible mortgage for your new Victoria home.5 tips for getting the best mortgage in Victoria

Track Your Credit Report

A credit report is the first thing a mortgage lender will ask for when you’re applying for a loan. By proving your creditworthiness, you build trust with your lender, making you a better candidate for mortgage approval. Doing regular credit monitoring keeps you in the know about your credit performance and allows you to spot any mistakes that may need challenging if you suspect your report is inaccurate. Ensure that your scores are where they should be and you have a solid foundation for securing a mortgage. 


Assess Your Affordability 

Being a homeowner is an amazing achievement. But, it’s also a costly one. You’re making the biggest financial commitment possible and will need to put in the work to pay it off. Take a look at rates, loans and a wide range of mortgage brokers before committing to one. Get the best terms you can by doing your homework and having a few conversations with your agent. You should also be realistic about your financial capability. Assess the down payment you’re willing to pay and figure out your best plan to make that down payment. The lower your down payment is, the wider your options are. Showing lenders you have significant financial control only enhances your reputation with them. 


Learn How Lenders Work

Lenders base most of their decisions on your credit report. The higher your credit score is, the more likely they are to approve your mortgage application and give you the kind of rates you’re hoping for. Also, once you’ve done your research, you’ll improve your negotiating skills when dealing with a lender, so you’re not taken advantage of in any way. 

Figure Out How You’ll Finance It

Is a 15-year or 30-year mortgage the commitment that you’re seeking? Are you looking for an adjustable or fixed rate? These are questions that have to be answered before settling on a mortgage. If security is what you’re looking for without fear of fluctuating payments, then a fixed rate suits you. If you believe those fluctuations will happen regardless and you’re looking for more agility, an adjustable rate is your best bet. 

Use a Targeted Approach

Anytime you apply for a mortgage, the lender will make a hard inquiry, with that inquiry showing up on your credit report and temporarily lowering your score. If you decide to drag things out and canvass several lenders over an extended period, you’ll damage your credit score significantly. However, applying for multiple mortgages in a short period will only count as a sole inquiry. Be timely and be sure about the lenders you’re willing to work with. 

Brad MacLaren is the best real estate agent in Victoria B.C. We’re here for all your housing needs, and to help you overcome the hurdles you face; making your experience as a homeowner worthwhile is our number one goal. Let’s talk about your needs right now.

Brad Maclaren ThreeBest Rated Best Business of 2022 Excellence Award