How To Get The Best Interest Rate

Transcribed from the Michal Sluka / Michael Huber YouTube Video – see below for written, condensed version.

1) Have a Great Credit Score

  • Put your bills on autopay to ensure you never miss another payment

  • Keep your credit balances low (preferably less than 35% of the limit)

  • Check with Equifax and Transunion to make sure there are no derogatory points on your bureau

2) Steady, Consistent Income

  • Business for self – please have 2 years T1 Generals, 2 years CRA Notices of Assessment and, if applicable, 2 years business financial statements

  • Salaried or wage earner – letter of employment (including start date, position title, wage or salary, hours guaranteed per week and HR contact) plus most recent paystub

3) Provable down payment

  • 3 months account statement showing savings, TFSA, RRSP amount

  • Gift from close relative (parents, siblings, aunt/uncle, grandparent) plus your bank account statement showing the gift deposit available.

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One of my hobbies is blogging about mortgages, debt and government policy.  During the day I’m a MORTGAGE BROKER!

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