L et's say you've shopped around and found the right new home, and the asking price is within the range you can consider. Before you make your offer to purchase, you should shop around for a mortgage the same way you would for any other consumer good or service. Check with a number of financial institutions and make sure you understand what they're offering.
Lenders offer different types of mortgages with different terms,conditions and interest rates.
But what may seem like a good deal in the short term may not be right for you or suit your long-term needs. Don't base your decision on interest rates alone - compare all options such as portability and prepayment features that could save you money down the road. Make sure you compare more than just rates. To help you choose the best mortgage, here are some points worth understanding and considering. The type of mortgages available for the amount you need.