Owning a home north of Toronto may seem like an impossible dream, considering the price surges in recent years. And then, when you add financial challenges to the mix it, it may seem even more impossible to find a discount mortgage in Barrie.

There is good news though!

The real estate market is beginning to stabilize, and the prices are evening out. Although prices are not as low as they were five years ago, prospective buyers no longer have to compete in a bidding war where people offered thousands about asking, with no conditions attached. Buyers can now take their time, and create advantageous purchasing conditions and take other important precautions involved with home buying, such as home inspections that allow for a comfortable and sound financial decision.

The calmer real estate landscape also means more time to prepare for getting a discount mortgage in Barrie. Discounted mortgages are simply a way of describing a mortgage product that offers the best possible rates and terms for the individual and their situation.

Preparing for a Discount Mortgage in Barrie

Many mortgage companies will suggest some to-do items that are essential prior to starting the mortgage pre-approval process.

Among these suggestions the two most pertinent are;

• the importance of understanding and improving credit scores, and then;
• shopping smart.

Understanding And Improving Credit Scores

Consumers who have ‘bad credit’ may think all hope is lost, but taking the time to learn and understand what a credit score is and how it is calculated facilitates the ability to take control. The first step is to get a copy of the credit report. Credit reports are an overview of a person’s past relationship with credit. It will include personal details like name, birthdate, past and present address, contact information, social insurance number, driver’s license number, and employment information. The credit report will also have financial details about how much credit has been extended, for what period of time, and how that credit has been managed.

These details are then used to award a number score (between 300 to 900). The number is to grade the level of financial risk lenders would be taking by extending credit. As an example, credit scores of 600 or less are considered a poor rating. 600 or higher is determined to be fair, good and excellent as it the number ascends.

Credit reports can be obtained either through the two main Canadian Bureaus (TransUnion and Equifax) or through any number of smaller companies that specialize in regular monthly credit updates. Once the report has been received it should be reviewed for accuracy. Incorrect details, missing information or incomplete entries can be common and a contributing factor to a lower than desired credit score.

Credit scores can also be significantly improved by not exceeding credit limits, keeping 70% of available credit unused, and not closing old accounts in order to provide a longer credit history. In the early stages of preparing for mortgage shopping, it is also important to avoid applying for new credit, which will negatively impact the overall score. Improved credit scores make it easier to obtain a discount mortgage that offers the lowest possible rates.

Shopping Smart for Discount Mortgages in Barrie with Shop2Save

Shop2Save, has revolutionized both online buying programs and loyalty incentives when they envisioned how their innovative consumer membership buying platform should work. In acknowledging that big companies have an unfair advantage when it comes to purchasing power Shop2Save created an online shopping program that would use the power of the crowd to access big volume and wholesale discounts and then reward their members for shopping smarter. The ability to earn real cashback rewards dollars doesn’t stop at everyday items either. Shop2Save connects members with top professionals in Canada for big-ticket items like home and auto insurance, buying (or selling!) real estate and yes, discount mortgages in Barrie.

Visit Shop2Save to save money and earn real cashback rewards dollars when you arrange a discount mortgage in Barrie through Dominion Lending Centres, the leading Canadian mortgage company!