What is the best way to choose an affordable home loan in Canada?

What is the best way to choose an affordable home loan in Canada?

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Hi there, no woriies. You see, I used to apply to that trusted resource FinTopi and should say it worked pretty well for me and my family. I would recommend to contact to that company because it was extremely helpful. These guys were very thorough and went over all of my questions. Their patients really made me feel comfortable. I would definitely recommend this company based on their attitude.

1. If you are on floating rate, then do keep checking bank's website for any rate change offers once every month. E.g. I started home loan with 10.5%. thanks to raghuram Rajan, bank soon had offer to pay some amount and switch to you of 10.10%. after modi govt came into power rates are further reduced to 9.6%. if you miss out the notification on bank's site; mostly you keep continuing the same roi while better option was available.

2. Make regular intervals if prepayment..don't think if it's small/ big amount. If you have surplus and it's more than 3*emi then you MUST prepay asap.

3. Prepayments done in first three years of home loan tenure, exponentially reduce your tenure. For eg- you make prepayment of 2 lacs in 5th year of home loan will reduce your tenure by 1 year but if you make prepayment of 2lacs in 2nd year of home loan, it will reduce your tenure by 2 years.

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