When choosing a mortgage, there are several factors to consider. One of the most important is the interest rate, which will impact your monthly payments and overall cost of borrowing. It's important to compare rates and terms from different lenders to ensure you're getting the best deal possible.
Another key factor to consider is the type of mortgage you want. Fixed-rate mortgages offer stable payments over the term of the loan, while variable-rate mortgages may fluctuate based on market conditions.
It's also important to consider the down payment requirement and any related fees or closing costs. For example, some lenders may require you to have a 30, 60, or 90-days of bank statement record for your down payment. Your personal credit history and status in Canada may also affect the maximum loan amount that you are qualified.
Finally, it's important to choose a lender that you trust and feel comfortable working with. Make sure to research the lender's reputation, customer service, and any additional perks or benefits they may offer. By considering all of these factors, you can make an informed decision when choosing a mortgage that works best for you and your financial situation.