Mortgage vs. HELOC
Mississauga is a popular location for people who are looking for homes in Canada and for good reasons. People's interest in this area is so high thanks to its proximity to Toronto. As a result, the population in Mississauga grows every year. Use these tips to find the best mortgage rates in Canada.
Before you can find the best mortgage rates in any area, you have to understand the real estate market of that area. It is no different for Mississauga. Without fully understanding the market, you will never know if you are getting a good rate or not.
Mississauga is already an extremely popular location, so rates tend to be on the higher side. The population of this area is more than 700,000, which makes it the sixth most populated area in all of Canada. Once again, the popularity of the area is due to its location to Toronto, and it is Canada's 11th best city in terms of prosperity. Even fDI Magazine listed the city fourth on its list of Large Cities of the Future. Thus, this is an up-and-coming area, and a lot of people are looking to get in on the ground level.
A lot of people are looking to move to Mississauga because that is where a lot of work is heading. There are already 60 different Fortune 500 companies that base both their Canadian and Global headquarters in Mississauga. This means there is a strong demand for workers to move to this area. Some of these companies include Microsoft Canada, CitiBank Canada and Hewlett Packard. With more companies looking to base their operations out of Canada, expect to see this market continue to rise in the foreseeable future. That being said, most Canadian banks are still offering low interest rates.
Every city has a busy and low time each year when it comes to the number of mortgage applications that the banks receive. For Mississauga, the busiest time to put in a mortgage application is in the first quarter of the year. Those who are looking for the best rates in Mississauga will do well to put in their mortgage application during the fourth quarter, when application volume is at its yearly low.
To get an even better rate, homeowners can break down their time to submit an application even further. Banks in Mississauga say that they typically receive most of their applications on Mondays and Tuesdays. The best days to do it are Fridays and Saturdays, with Saturdays seeing the least amount of applications submitted.
As with all information that is based on mortgage rates, it is subject to change at any time. However, these are great stats to go by on average. Consumers should also make sure that they shop around and talk to different banks about their mortgage rates, rather than only contact the establishment with which they currently bank. Also, pay attention to specials that banks may be having. These typically occur during the months when banks receive less applications.