How to land the best mortgage

It's not just about the lowest interest rate.

Gail Bebee 8 April, 2016 | 5:00PM
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More than two-thirds of the households in Canada own their dwelling, according to Statistics Canada. Clearly, we're a nation that has a strong preference for home ownership.

However, buying a home does not come cheap in most parts of the country. The latest report from the Canadian Real Estate Association states that the national average price for a single family home was $503,057, as of February. Excluding the booming greater Vancouver and greater Toronto housing markets, the average home price was a still substantial $355,235.

At these prices, borrowing money is almost inevitable for most potential home buyers. The standard form of home financing is a mortgage, a loan where the property being purchased is used as collateral. Obtaining the best mortgage for your personal circumstances is not as simple as signing up with the lender that offers the lowest interest rate. When it comes to one of the biggest financial decisions of your life, research and planning are essential to make the right choice. It boils down to a four-step process.

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About Author

Gail Bebee

Gail Bebee  Gail Bebee is an independent personal finance speaker, teacher and the author of No Hype--The Straight Goods on Investing Your Money. She can be reached at; her website is

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