Have a clear understanding of your goal
Obviously, your goal is to purchase a property, but think of this purchase as far as down the road as possible. What are your short and long-term goals?
Will you be making renovations in the future? Then you may need a loan with flexible terms. Do you think you might sell the property after 3 years? You’ll need to take this into consideration if you are looking at getting a fixed rate mortgage.
Ask questions. Prepare a list of queries about the structure of the loan, how it works, whether a new product will do the same things as the previous one. Clarify the terms and conditions that you are not sure of. Find out all your options—your mortgage adviser’s knowledge and experience can help you make an informed decision.
If you have a clear understanding of your goal, it will be easier to determine the most suitable product and the right strategy for you.