Are you looking to buy in Canada? Here’s what you should ask a lender…
What is the best loan type? Knowing what’s available will get you more comfortable with borrowing. Figure out if you want fixed rates, high-ratio, conventional, etc.
What is the interest rate? This could impact your monthly payment so find out upfront.
Can I prepay the loan? If there’s a prepayment penalty, find out how high it is.
When would I close? Some loans take 30 days to close while others take longer. This will help you know when you need to alert your landlord.
Ask as many questions as possible to ensure you’re properly informed before buying.
