Preparing For Your First Mortgage

Four steps to take when preparing for your first mortgage. 

Step One: Know What You Want

Should your mortgage be fixed or variable?

  • Fixed Mortgage Rate:
    Enables you to “lock in” a predetermined rate for a set period of time (term). 

  • Variable Mortgage Rate:
    Changes monthly based on the mortgage lender’s prime rate.  Anyone taking on a variable Canadian mortgage rate needs to be able to handle changes to their monthly payments.

Open or Closed Mortgage?

If you're not prepared to pay a large lump sum in the coming future, generally a closed mortgage would be the best choice for you.

Open Mortgage:

An open mortgage is a flexible option that allows you to make large payments or pay off the entire mortgage without a penalty.  Open mortgage rates are higher than closed mortgage rates. This type of mortgage enables you to pay off large lump sums before the end of the mortgage term.

Closed Mortgage:

Few people require the flexibility to pay off their best mortgage rate before the end of the term. If you have a closed mortgage you will be penalized if you pay off the loan early and the charge can be quite large.

Step Two: Knowledge is Power!

Researching the best rates can save you money on your low mortgage rate. 

Step Three: Talk to a Mortgage Broker

They can help you to determine what you can afford, what your options are, and guide you through the process.

Step Four: Negotiate Your Mortgage

Once you’ve prepared, you’re ready to put your mortgage broker to work negotiating a rate. 

Take the first step towards homeownership now. Get pre-approved for a low mortgage rate. is near you. is expanding in order to serve you better! At, we are committed to providing you with the knowledge and understanding of financial products that are right for your particular situation. Click on the map markers to learn more about the mortgage brokerage office in your community. has access to best rate mortgages from coast to coast. Why pay more when you can have the lowest mortgage rate out there? So what are you waiting for - how can help you?