Understanding mortgage type, rate, and term helps avoid renewal shocks, penalties, and costly long-term financial commitments.
Clarify amortization period, down payment, and insurance requirements to balance affordability with total interest and borrowing costs.
Account for all closing costs, fees, and taxes upfront to prevent last-minute financial strain during home purchase.
Learn about prepayment options, penalties, and portability to maintain flexibility and avoid heavy costs if life plans change.
Renewal negotiation, broker compensation, and the mortgage stress test significantly affect borrowing power and long-term savings.
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