Whether you choose a mortgage broker or a bank here are some questions that you should ask before signing on the dotted line

  1. Amortization: Will you spread the payments out over 25 years? Or can you do it in less time? 
  2. Term: Do you need a fixed term to provide certainty, or would a variable term work for you?
  3. Frequency: Which payment frequency is most suitable for you — weekly, bi-weekly, monthly? Will the lender allow you to make accelerated payments?
  4. Prepayment allowance: How much and how often will you be able to make a lump sum payment against the principal without penalty?  What are the penalties?
  5. Portability: If you move, can you take your mortgage with you?
  6. Assumability : If you sell, can the buyer, subject to a credit approval, assume your mortgage and rate?
  7. Point of contact: Who can you call if you have a question or a problem? If you use a mortgage broker will she have any involvement once the financing is in place? Are call centres and branches available for inquiries?
Make sure you know the answers to all these questions before you sign on the dotted line. 
 
When you’re deciding which Realtor to use, it’s also important to interview a few to make sure you’re aligning yourself with the one that bests suits you as the buyer or seller.  CREB has a great list of questions to ask Realtors when you interview them.