Your Responsibilities - DOs and DON'Ts

DOs

• Do know your financial situation and how much you can afford to pay before starting to shop around for a house and a mortgage.

• Do shop around to obtain the product that best suits your needs.

• Do read and make sure you understand the terms and conditions of your mortgage contract.

• Do ask questions to help you better understand your contract.

DON'Ts

• Don’t accept the first offer made to you. Although it can, in the end, represent the best choice, make sure you have explored other offerings in order to make an informed decision.

• Don’t limit your shopping to one single financial institution or mortgage broker. To find the best product, you should visit many financial institutions and mortgage brokers.

• Don’t skip a payment. This may affect your credit rating and put you in a bad position, as you will have to keep up in the future and absorb higher interest charges.