The single most effective way to make sure that when the time comes to purchase your first home, you’re able to afford it, is by taking the time to conduct thorough research, and being honest about your income and expenditures.

There may come a time in life when refinancing your mortgage is a viable option, and there are several reasons in which this might be the case.

Mortgages need not be complex and intimidating, especially if you work with a local mortgage broker, but it is important to have a basic understanding of how they work, and perhaps more importantly, how they don’t work.

There can be many reasons for wanting (or needing) to renew your mortgage, from changes in your financial circumstances, to being dissatisfied with your existing lender, but whatever your reason, renewing can be a fantastic opportunity to make some much needed changes.

Canadas new mortgage rules can have an impact upon your mortgage, whether you’re looking to purchase your first home, or want to switch mortgages or refinance; the following guide should help you make an informed choice: