When you’re searching for a mortgage in Canada, you’ll find they’re either high-ratio, or low- ratio, and it’s important to understand the difference between the two.

If you’re considering purchasing your first home, you probably have a lot of questions about the mortgage process and may even be confused about some aspects of it. To help you make informed decisions as you head towards one of the biggest financial commitments of your life, here are a few guidelines and pointers:

It might be easy to assume that if you’re a regular customer at a local bank and have a good relationship with them, they’ll automatically get you the best deal on a mortgage; but this may not always be the case.

A mortgage is likely to be one of the biggest expenses of your life, and a major financial investment, but once you’ve found the right one for you, who’s to say that it will remain the right one for you, years down the line?