Best & Lowest Mortgage Rates in Toronto: Top 5 Myths Debunked




Myths can anytime mess up with the whole process and can really turn a situation nasty. If myths to be believed, you would end up spending bucks on vitamin C to cure the bad sniffles rather taking antibiotics or would start sucking the so-called venom from the snake bite instead of calling paramedics. But still, myths are some twisted and random piece of information that are associated practically with everything. And thus, mortgage for houses is no less than exception. When you start your search to find financial institutions that can provide you the best mortgage rates in Toronto, you would come across jumbled information.

Now most of the information is irrelevant and you deserve to know the truth and facts. So, in this post we are going to burst the bubble for you. We are going to debunk top five myths related to real estate mortgage.

#1 In case you pre qualify, you can avail the loan
Well, the mortgage qualification can’t be taken as the assurance of you getting a loan.  It is simply a calculation regarding your borrow limit, which depends credit and debt to income ratio. The lender actually needs certain original documents from your side to go ahead with the proceedings.
#2 You need a perfect credit score
The range of credit score lies between 300-850 and if your credit score falls above 670, you have the green signal. But apart from credit score, money lenders keep in mind certain facts and figures. You have to provide accurate and original information regarding your financial condition to qualify for a loan.
#3 Mortgages with longer time period are better
May be for some individuals, mortgages with longer duration are better as longer durations means lower monthly installments. But we can’t escape the fact that this would lead to higher interest amounts as compared to loans with lesser duration's.
#4 Getting a mortgage loan is slow, confusing and complex process.
It can be one but then what are financial institutions for? You need to find a good financial institution that deals in real estate loans and provides best mortgage rates in Toronto, just like The Mortgage Division and you are good to go. Visit their website to know more.
Till next time!
Location: Toronto, ON, Canada

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