Not all home mortgages in Canada are structured identical. Nor are all mortgage types precisely the same. Take for example your starting out point - Pre-Approved or Pre-Qualified Mortgages. Right from the onset, you're required to make a decision, one which might impact your purchasing experience. Do you search the market as a Pre-Approved mortgage holder or Pre-Qualified? Our suggestion is that you'll wish to be a Pre-Approved mortgage shopper.
Next, you'll need to ask yourself if you will be buying your new home with a Fixed Interest rate Canadian mortgage in an effort to prevent any surprises or will you buy it with a Variable interest rate mortgage? You'll find a little more movement with the variable interest rate mortgage, perhaps you'll save some money, and possibly you'll end up paying more. It is, in a way, a game of chance. With the way the markets are at the time of writing this article, we would recommend a fixed rate as interest rates are expected to climb.
When it comes to your Canadian mortgage you'll also have to decide on what terms work best for you. Will you play things safe and look for a longer mortgage term, or make an effort to be debt free quickly and reduce the years in which it takes to pay off your mortgage. Try to remember, you have the ability to pay off approximately 10% of the remaining principal annually in one lump sum amount, thus avoiding additional interest charges.
Canadian mortgages can be simple but require that you do your homework. Research several banking institutions or brokers before signing the mortgage. We also advise that you have a lawyer go over it and explain what you're agreeing to. Mainly, when it comes to the mortgage itself, ask as many questions that you can think of. The individuals surrounding you during this time are there to assist.
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