Mortgages can be confusing, especially for first-time homebuyers. There are countless terms and conditions. This guide aims to break down the common terms you’ll see once you start mortgage shopping.
If any of this doesn’t make sense, don’t be afraid to ask your mortgage advisor to clarify. Being informed is one of the best ways to save money on your financing, so no question should be left unanswered.
Engaging a mortgage broker before renewing can help you make a better decision. Mortgage brokers are an excellent source of information for deals specific to your area, contract terms, and their services require no out-of-pocket fees if you are well qualified.
Here at RATESDOTCA, we compare rates from the best Canadian mortgage brokers, major banks and dozens of smaller competitors.