Mortgage Tip: Consider your options.

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 mortgageResearch 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

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