Chapter 5
Knowing Your Mortgage Options
IN THIS CHAPTER
Keeping interest payments low
Deciding which type of mortgage you need
Insuring your mortgage and yourself
Choosing a mortgage broker or lender
Getting information from your lender
Understanding what information you must provide
If a home is the single biggest purchase someone ever makes, the mortgage that makes it possible is the biggest debt someone ever takes on. The typical mortgage required to purchase a home in an urban centre or even a desirable suburb is often in the hundreds of thousands of dollars. The good news for purchasers is that the range of mortgage options today are a lot more flexible than they once were. A fixed-rate mortgage on a five-year term used to be the norm. Now, you can get fixed-rate, variable-rate, or a mortgage that combines the two. The terms can vary (within reason), and a mortgage is often portable, ...
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