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Not All Mortgages Are Equal

  1. Advice Centre
  2. Owning A Home
  3. Not All Mortgages Are Equal
A mortgage is a major purchase, so it is important to know you have the package and lending professional that is right for you. Today’s market offers borrowers a tremendous choice of loan products and new opportunities that never existed before, so it pays to educate yourself on the terminology associated with your mortgage.

Choosing the right type of mortgage requires you to review your financial objectives and ask a host of questions, such as:
  • How long do you plan on staying in the house or with the loan?
  • What payments can you comfortably afford?
  • How much money do you have for a down payment?
  • Is paying off the mortgage early important?
  • Do you intend to make extra principal payments?
  • Is your income projected to remain stable or increase?
  • Comparing loans or different lenders is often the most difficult part of mortgage shopping. First, it is important to keep in mind that mortgage packages consist of more than only interest rates. Before deciding on your mortgage, look at the whole product. Pay close attention to the terms of a loan, including the type of mortgage, the presence of prepayment penalties, mortgage insurance requirements, payments schedule, term of the mortgage, and many other features. Pick a loan with a rate and other terms that suit your situation best. You’ll also want to be sure that you can speak to an expert at any time throughout the life of your mortgage, just in case something comes up or you have any questions.
You will come across plenty of lenders eager for your business but make sure you select one that has all of the essential qualities and is qualified to assist you in your quest for your home.

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Up Next: Factors for Lending Decisions

Being aware of your whole financial picture is key to being prosperous and we want to help you get where you want to be.
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