2) Find the right Mortgage
There’s more to Mortgages than just rates. You need to consider:
Amortization, this is the total length of time it will take to pay off your home given the current rate. The longer the amortization the lower your payments will be, however the more interest you will pay to fully purchase your home.
Some lending institutions offer prepayment options to allow you to make extra payments to reduce the overall interest you will pay.
Term is the length of time the lender is offering the given rate. If you know you will be in your home for a long time and the interest rates are low you may want to sign up for a longer term like 5 years or more. However, if you may get transferred or will want to move up as soon as you can afford to, then a shorter term like 1 to 4 years may be for you.
Open mortgages give you an opportunity for early repayment or exit clauses in case you decide to or need sell.
Closed mortgages may have lower rates but come with penalties for early repayment or cancellation
Variable mortgages vary with the Lender’s prime rate and can be a great opportunity if the rates are high and expected to go lower. There may be attractive variable rates but you need to be prepared for the risk of the prime rate increasing part way through your term.
The Right Realtor can assist you to find the right mortgage through the right lender for you.