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
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Put your bills on autopay to ensure you never miss another payment
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Keep your credit balances low (preferably less than 35% of the limit)
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Check with Equifax and Transunion to make sure there are no derogatory points on your bureau
2) Steady, Consistent Income
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Business for self – please have 2 years T1 Generals, 2 years CRA Notices of Assessment and, if applicable, 2 years business financial statements
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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
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3 months account statement showing savings, TFSA, RRSP amount
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Gift from close relative (parents, siblings, aunt/uncle, grandparent) plus your bank account statement showing the gift deposit available.