The bank where you have your chequing account will be more than happy to do a basic mortgage pre-approval document for you. Don't automatically take a five-year-fixed mortgage. Research the various terms that are available. (If you don't feel like doing the research, remember this is your mortgage broker's niche.)
TIP: Consider how important features like pre-payment options and break fees are to you. If you come into large sums of cash, you should consider a flexible mortgage that does not restrict you from making lump-sum payments. If you are due for a raise, hone in on pre-payment features that allow you to increase your payments without penalty.
Original article from: http://theglobeandmail.com