Whether you’re a first-time homebuyer or have been down that path before, do you really know enough about mortgage options to decide which is best for you?
The first thing to consider, is that a longer mortgage term generally means a higher interest rate, and a shorter term generally means a lower interest rate. But that doesn’t mean a shorter term is necessarily the best option for you either.
The most important factor to take into account, is your financial situation. Really think about how much you can afford to spend each month. If you’ll be scraping by with a shorter mortgage term, that’s clearly not the best route for you.
Understanding your personal financial situation and your tolerance risk are important in the decision-making process. That’s why working with a mortgage professional can take a lot of the headache out for you.
If you don’t have a mortgage professional to work with yet, or need answers to some questions, there are lots of great resources available. Check out the CMHC website here, or ask us about our preferred mortgage brokers.
