What is a Discount Mortgage in Oshawa?

The beautiful city of Oshawa, located in Ontario Canada is wonderful place to invest in real estate. Oshawa also offers a wide variety of businesses in which you can arrange a mortgage, but smart shoppers know a penny saved is a penny earned so they make sure they only do business with places that can offer a discount.

A discounted mortgage simply means a mortgage with the best possible rate for you and for your situation. Although some people also consider a discounted mortgage to be one that pays the borrower back a percentage of the total value of the mortgage, this is a misconception. Relatively speaking Cashback mortgage products, obtained through a lender do provide cashback, but the reasons they shouldn’t be considered as a discount mortgage can be found in the fine print; cashback mortgage products directly from lenders almost always come with a higher interest rate than a regular mortgage. They also come with severe and costly penalties such as needing to pay back all of the cashback money in full should you need to adjust the terms of the mortgage.put, a mortgage with the best rates and terms possible available to a person based on their personal situation.

What is a Double-Discount Mortgage in Oshawa?

If a discount mortgage is where you get the best possible mortgage rates for you and your situation, a double-discount mortgage is where you get the best possible rate AND earn real cashback reward dollars as a bonus.

Shop2Save, an online shopping platform known for it’s unique discount and rewards program offers savings and cashback alternatives when arranging a mortgage that provides real cash dollar rewards and helps you avoid the cashback claw-back penalties associated with cashback mortgage products.

• Getting the best possible rate for you and your situation - Generally, the best discount mortgage rates are available based on each individual’s financial situation. Before shopping for mortgages, it is important to take a good look at your circumstances either to ensure they are sound or to take steps towards improvement. The easiest way to do this is to look at your where your credit score sits. Requesting a copy of your credit report from one of Canada’s main two bureaus, Equifax or TransUnion will allow you to review both your personal information and any credit accounts associated to your name. Finding and correcting any inaccuracies is a quick way to give your credit score a boost. Another way to improve how you are viewed by mortgage lenders in Oshawa is to have, and maintain a low debit-to-credit ratio. This simply means that the amount of credit you have available is more than the amount of credit that you owe.
• Earning real cashback reward dollars – As mentioned, the innovative shopping platform Shop2Save rewards members with cashback when shopping, even on big-ticket items such as mortgages. For clarification, Shop2Save itself is not a mortgage brokerage, but rather a program that services it’s members with the best reputable companies. For mortgages, that’s Dominion Lending Centres, widely hailed as Canada’s leading mortgage company.

If you are looking to buy now, or planning to buy in the future, visit Shop2Save today to see how you can get a double-discount mortgage in Oshawa.