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Things to think about before choosing a mortgage

General Tom Williams 3 Jan

What type of mortgage and options are best for my needs?

  • a fixed or variable rate mortgage
  • an open, closed or convertible mortgage
  • Short or long mortgage term
  • Short or long amortization period
  • Frequent or less frequent mortgage payments
  • Regular or accelerated payments
  • The ability to make prepayments or lump sum payments
  • The option to transfer my mortgage to another home if I sell my home
  • How will different factors (e.g., frequency of payments, amortization, etc.) influence the total cost of my mortgage?
  • How can I save on interest charges?
  • What penalty charges may apply if I want to break my mortgage contract or renegotiate a new one?
  • What fees are involved in setting up, discharging or renewing my mortgage?