Our team of experts is here to provide practical and helpful suggestions for home buyers and sellers. Our advice is intended to benefit you, the consumer as we provide neutral and unbiased analysis. To assist us with our goal we would like to highlight the information provided by The Canadian Mortgage and Housing Corporate (CMHC). The CMHC is a Crown corporate and its stated goal is to make housing affordable for everyone in Canada.
In their most recent post they provided some mortgage borrowing tips for Canadians:
Shopping around is key when getting a new credit product such as a mortgage. Different lenders will have different interest rates and conditions. Take some time to compare the different options available such as variable and fixed interest rates, and open and closed mortgages. Also, talk to several lenders to make sure you’re getting the best mortgage product for your needs.
The Financial Consumer Agency of Canada’s Mortgage Qualifier Tool to help you determine whether or not you can qualify for a mortgage based on income and expenses. The tool offers unbiased, trustworthy information. We also offer several different calculators to support you at every stage of your home buying journey.
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