Preparation Key To Lowest Refinance Rates

A lot of Canadians have been sitting on the fence, delaying a home refinance until they find out if refinance rates are going to hold steady or they’re headed down even further.  

Here’s a recent article posted by Reuters indicating rates may be on the decline:

Bank of Canada hints at more rate cuts to come

While our nation’s leaders ponder the future of refinance rates, this would be an ideal time for you to take care of some last-minute housekeeping by cleaning up any lingering credit issues that could delay or prevent your getting that all-important loan approval.  

First: Get a copy of your credit report, go over it with a fine-toothed comb.

Second: Remove any inaccuracies.  Example.  I leased a new car about 6 months ago.  And since I try and review my credit report every six months, I immediately spotted an inaccuracy.  My credit report correctly listed my new leased car, but to my surprise, still showed me as the lease holder of my old car.  Somehow the communication lines went down between the dealer and the leasing company.  So if I was attempting to borrow money, to a potential lender it would have appeared that I have two leased vehicles instead of one, increasing my debt to income ratio.  Higher debt to income ratio can impact your chances of lower refinance rates, not to mention reducing your chances of even qualifying.

Three: Try and balance your debt-to-income ratio if possible.  

Then, if refinance rates go down as they’re widely expected to, you’ll be ready to act quickly and be among the first to benefit from the lower rates.  

Need a little help with the above three?  Use the free consultation option to the right.  There are many things that we may be able to do to help ensure you qualify and get the absolute best refinace rates for your situation.

Need to unlock your home's equity - but have a few questions? Why not consider a free private email consultation with me, Darrin Roseborsky? There's no obligation or commitments to worry about. Just helpful answers to your questions. Use the short form in the top-right corner to get started. And in a few minutes, you'll have the answers to all of your questions.