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5.5 Action plan

From: Financial Consumer Agency of Canada

Use the checklist below to be sure you are ready for a mortgage.

In this module, you've learned a lot about mortgages. Now you can put your learning into practice. Use this action plan to track your progress as you take the next steps to manage your mortgages, now and in the future.

See section I'm OK Needs work
Before you make an offer:
I've saved the largest amount I can for my down payment and first year costs. Planning your purchase
I've worked out a budget—including my expected mortgage payments, moving and household costs—and I'm comfortable with the results. Planning your purchase
I've used the Mortgage Qualifier Tool to find out the maximum I could borrow on a mortgage. Mortgage costs
I've checked my credit rating to fix any errors and raise my score if possible. Credit and debt
I've talked to a variety of financial institutions or mortgage brokers to find the best rates and terms for a mortgage loan. Getting the best deal
I've got a loan pre-approved at the financial institution I prefer. Where to get a mortgage
For a new mortgage:
I've checked that the mortgage rate and terms are the best I can get. Getting the best deal
I've decided whether I want an open or closed term mortgage. Types of mortgages
I've decided whether I want fixed or variable interest rates and payments. Interest rates
I've decided whether I want monthly, weekly, biweekly or accelerated payments. Payment options
I know when I can make prepayments without a prepayment charge (if any). Renewal
I know what the costs will be to renegotiate the mortgage. Renegotiation
I've decided whether I want mortgage insurance, and which type is best for me. Protecting your mortgage
For a mortgage renewal:
I've used my prepayment rights to minimize the amount of the loan before renegotiating an existing mortgage. Renewal
I've talked to a variety of financial institutions or mortgage brokers to find the best rates and terms for a mortgage loan. Getting the best deal
I've researched renewal terms in advance and I'm satisfied that the mortgage rate and terms are the best I can get. Getting the best deal
I've decided whether I want an open or closed term mortgage. Types of mortgages
I've decided whether I want fixed or variable interest rates and payments. Interest rates
I've decided whether I want monthly, weekly or accelerated payments. Payment options
I know when I can make prepayments without a prepayment charge (if any). Renewal
I know what the costs will be to renegotiate the mortgage. Renegotiation

For more information, please refer to these sections. Planning your purchase, Mortgage costs, Credit and debt management, Getting the best deal, Where to get a mortgage, Types of mortgages, Interest rates, Payment options, Renewing and renegotiating your mortgage and Protecting your mortgage.

Download the interactive PDF and add it to your Financial Toolkit [PDF - 250 KB]

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