Start with a comfortable budget
Before choosing a mortgage, decide what you want left each month after housing costs. Set aside money for moving, repairs and unexpected expenses. A useful starting point is your own spending plan, not the largest loan someone might offer.
Compare more than the rate
Ask for comparable written quotes covering fees, payment options and early-exit costs. In Canada, the mortgage term is the contract period; amortization is the estimated repayment period. Ask the lender how fixed or variable rates and a future move would affect your particular loan.
Put the full cost on one page
Request estimates for legal work, applicable taxes, appraisal, insurance and closing adjustments. Ask what is paid now, at closing and monthly. Keep the lender’s quote separate from a calculator estimate, and confirm any rebate eligibility with the appropriate adviser before counting on it.
Understand what preapproval means
Preapproval is not final mortgage approval. Ask your lender what remains to be checked for the chosen property and what could change the amount. Tell Sue where financing stands before deciding on an offer or a financing-condition deadline.
Keep the application moving safely
Use the lender’s own checklist and secure document channel. Ask who handles questions and whether any fees apply. Respond promptly, keep copies of confirmations, and discuss employment changes, new borrowing or a changed down-payment plan with the lender before relying on earlier figures.
Confirm the final steps
Before closing, ask your lawyer and lender to confirm outstanding documents, amounts and timing. Verify transfer instructions independently through a trusted telephone contact. Keep a moving-day contingency and wait for confirmation of completion and key release rather than assuming a scheduled transfer has arrived.
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