Moving and buying a home in today’s real estate market can be a tough decision, especially with rising home prices and mortgage rates in Canada. However, with the right preparation and approach, you can navigate the process and secure a mortgage that works for you. Here are 5 essential steps to help you find the best mortgage in today’s market:

1. Maximize Your Down Payment

In the current market, a larger down payment can make a significant difference. The more you can put down upfront, the less you’ll need to borrow—and the more you’ll save on interest over time. Plus, you’ll avoid some of the added costs of mortgage insurance. If you’re a first-time homebuyer, don’t forget you can use up to $35,000 from your RRSP (via the First-Time Home Buyer’s Plan) to help with your down payment.

2. Opt for a Shorter Amortization Period

With interest rates still higher than they were in recent years, opting for a shorter amortization period can help you pay off your mortgage faster and reduce the total interest you’ll pay over the life of the loan. While monthly payments may be higher, the long-term savings can offset the current rate increases.

3. Make Lump Sum Payments

With higher rates, every dollar counts when it comes to paying down your mortgage. Check with your lender to see what prepayment options are available—many lenders offer the ability to make lump sum payments, which will help reduce your principal balance faster and decrease your overall interest costs. Even small extra payments can make a big impact over time.

4. Consider More Frequent Payments

In a high-rate environment, it’s wise to explore how you can reduce your interest costs. Ask your lender to compare the long-term costs of monthly, bi-weekly, or weekly payments. Opting for more frequent payments can help you pay off your mortgage more quickly and save you money on interest in the long run.

5. Do Your Research and Shop Around

With mortgage rates fluctuating and different lenders offering various terms and conditions, it’s more important than ever to shop around and compare options. Speak with several mortgage brokers to get a sense of the best rates, mortgage products, and terms available. Getting multiple quotes will help ensure you choose the best option for your financial situation and long-term goals.

By staying informed and following these steps, you’ll be better equipped to navigate the complexities of today’s Canadian real estate market and secure a mortgage that works for you and your family.