Your Canada Mortgage may be the largest loan you ever take – choose wisely

Buying a home may well be the largest purchase you ever make and so your Canada mortgage choices are very important.

(To skip the rest of our Canada mortgage commentary and go right to our website that has the best rates and terms for loans in British Columbia and Alberta, click here).

Try to make the largest down payment you can when you buy your home.  It is important to have enough money set aside for furnishings and appliances and moving costs, but the larger the down payment the smaller your Canada mortgage needs to be.

Even a relatively small loan paid back over a long period of time can be very costly.  And since a Canada mortgage usually involves more than a small amount of money it can cost you double or even close to triple the original amount you borrow.  Try to choose the shortest amortization period that you can afford for your Canada mortgage to reduce high interest costs.

It is often helpful to have your Canada mortgage pre-approved before you shop for a home.  This helps you determine how much you can afford to spend and provides a guide as to which houses to even look at.  Then when you find the home that’s right for you, your Canada mortgage is waiting for you and your offer to purchase can be made with confidence.

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