If you're like most homebuyers in Ontario, you're always on the lookout for ways to save money. After all, a new home is a big investment, and you want to get the most bang for your buck. One way to do that is by taking advantage of low mortgage rates. Here's how you can maximize your investment by getting a low mortgage rate in Ontario.

1. Shop around for the best rate. Don't just go with the first lender you talk to. Talk to several different lenders and compare rates. You may be surprised at how much rates can vary from one lender to another.

2. Ask about discounts. Some lenders offer discounts for things like setting up automatic payments or signing up for e-statements. These discounts can add up, so be sure to ask about them.

3. lock in your rate. Once you've found a lender with a good interest rate, be sure to lock it in. Interest rates are always subject to change, and if rates go up after you've applied for your mortgage, you'll be stuck with the higher rate unless you're able to renegotiate with your lender.

4. Get pre-approved .mortgage pre-approval means that a lender has agreed to give you a loan up to a certain amount based on your income, employment history, and credit score. Getting pre-approved gives you an edge over other buyers who might be competing against you for the same property since the seller will know that you're already approved for a loan.

5. Stay within your budget . Just because a lender is willing to give you a large loan doesn't mean that you should take out the entire amount. Be sure to only borrow what you can afford so that you don't end up over your head in debt.

6 Don't overspend on your down payment . It's tempting to want to put down as much money as possible so that you can get a lower interest rate and avoid private mortgage insurance (PMI). But remember, if you deplete all of your savings for your down payment, you'll have nothing left over for unexpected repairs or renovations once you move in . A good rule of thumb is to keep your down payment within 10% of the purchase price of the home .

7 Make extra payments . One way to reduce the overall interest paid on your mortgage is by making additional payments whenever possible . Even an extra $20 per week can make a big difference over the life of your loan . Another option is to make bi-weekly payments instead of monthly payments . This will allow you to make one extra payment per year , which can also save you money in interest charges .

8 Refinance if rates drop . If interest rates drop after you've already locked in your rate, it might be worth considering refinancing . This can help you lower your monthly payments and/or shorten the term of your loan , both of which can save you money in the long run . However , keep in mind that there are costs associated with refinancing , so be sure to do some research and talk to a financial advisor before making any decisions .

Conclusion: If you're looking for ways to save money on your new home purchase, taking advantage of low mortgage rates is a great place to start. By shopping around, asking about discounts, locking in your rate, and getting pre-approved for a loan, you'll put yourself in a good position to get a great deal on your mortgage. Remember, it's also important not too overspend on your down payment and make extra payments whenever possible so that you can save even more money on interest charges over the life of your loan!