Looking for a discount mortgage in Hamilton can be challenging, especially when you realize ‘discount’ is a misnomer. When used by mortgage brokers and lenders the word ‘discount’ only means the ability to shop around for better rates, and even then, the best rate you will be able to get will be based entirely on you and your financial situation.

Even before shopping around it is important to make sure you are organized financially. This will significantly help improve your chances of finding a discount mortgage…that is, a mortgage with the best possible rates for you.

The best way to prepare is be aware of your credit score, and take steps to improve it where possible.

In order to determine what your credit score is, you can request a credit report from either TransUnion or Equifax. These are Canada’s main two credit bureaus, and once a year you can get this report free of charge. A credit report is an itemized summary of your credit history. It will include both personal details, as well as financial details that provide an overview of your past relationship with credit. Your report will also include a number that represents an overall score between 300 and 900. This score ranges are graded from poor to excellent, and is influenced by a wide range of factors such as:

• How long you have had a documented credit history,
• If payments are made in a timely manner,
• Total amount of debt-to-credit ratio,
• How many credit accounts you have on file, and;
• If there are any bankruptcies on file.

Even if you have decent credit, there are always ways to improve it. Keep in mind, the better your credit score, the better options you will have available to you. First, it is strongly advised to thoroughly review your credit report for any errors – this could include inaccuracies about personal details such as the spelling of your name, or the listed date of birth. All credit accounts listed should be checked to make sure you recognize the lender. Another way to improve credit score is to avoid closing old credit accounts. An old credit account will work to both document history of credit and, if there is no balance owing, will also work to create a more favourable debt-to-credit ratio.

Once you feel comfortable that your financial situation looks good, it is then time to begin shopping for a discount mortgage in Hamilton. A creative option that not everyone thinks to consider is with loyalty and discount shopping platforms. The reason it is not an obvious method is because not all loyalty programs are customer-centric. Most are created to foster brand loyalty and as such, any incentives or rewards earned are minimal and can only be redeemed within that brand. The key is to finding a loyalty and rewards platform that revolves around its members. Shop2Save is one such platform. They harness the power of the crowd to leverage mass-volume discount savings, and because the power lies within crowd membership, the rewards benefits truly add up, and quickly. Shop2Save is an excellent place to start shopping for mortgages as well. They service their members with Dominion Lending Centers, the leading mortgage company in Canada. With access to hundreds of lenders Dominion lending Centres is your best bet to getting the best possible rate for your situation.

Don’t get overwhelmed when looking for a discount mortgage in Hamilton, visit Shop2Save today to connect with Dominion Lending Centers and earn real cashback reward dollars for doing so!