Everyone wants the best mortgage rate, and a lower rate can save you thousands. But the rate you’re offered depends on you, your property and the lender. Here’s how to put yourself in the strongest position.
7 ways to get a better rate
- Compare more than one lender. Banks quote their own products. A broker compares dozens of lenders at once.
- Strengthen your credit score. Pay bills on time and keep card balances below 30% of their limits. 680+ opens the best insured rates.
- Consider an insured mortgage. Mortgages with less than 20% down are insured, which is why they often get the lowest rates.
- Choose your term wisely. Shorter or longer terms and fixed vs. variable rates can be priced very differently.
- Lock in early. A pre-approval rate hold protects you for up to 120 days if rates rise.
- Start renewals early. Shop 4–6 months before your maturity date instead of signing your lender’s first offer.
- Have your documents ready. A clean, complete file gets better pricing and faster approvals.
Look beyond the rate
A rock-bottom rate can come with restrictions: high penalties, limited prepayment privileges or no portability. We compare the total cost, not just the headline rate.
Ready to compare? Get your personalized rate or book a call.