Go to your mortgage lender and let them know of your desire to bank with them. There are certain tips to ensure that they don't turn down your application. Now that you have decided to opt for a mortgage loan make a check list of things that you need before going to the bank. You would most definitely be asked for a property appraisal document, your income details, assets and liabilities among others. Getting pre-approved for the amount you can afford is always a good idea. You don't want to be turned down if you can avoid it.. Get pre-approved i.e. make sure your papers of credit, income, assets and liabilities are verified and that you are eligible for the loan. Find out enough about the rates, schemes and offers that the different lenders have. Think about the term of the loan - if you want to sell off the property in a few years then a balloon rate or an adjustable rate mortgage maybe a better option; a fixed loan maybe your safer bet for a longer duration. Compare the different schemes and speak with a formidable loan officer to help in your decision. There are mortgage plans that suit each one of you, according to mortgage brokers and mortgage lenders in the Canadian market.

There is now something called as 'mortgage points' where in the banks and other lenders charge a different type of loan fee. You, as a mortgage buyer would "buy" a lower rate of interest on the mortgage. Generally, one point equals 1% of the mortgage amount. Evaluate if opting for this scheme yields more financial savings. With all the groundwork done, your house hunt would be a lot easier.

Going with your mortgage broker will improve your chances of a loan. Always check the credentials of your mortgage broker. Stay away from brokers who seem to be promising you things things that seem to good to be true as they probably are. Your mortgage broker should be helping you every step of the way. You may be asked for additional documents. It is nicer to have just one loan to pay off at any point of time - when you apply for a mortgage loan, don't have any other major loans pending. If you receive money from your friends, relatives it is better to inform the bank. Further, with some wise spending and personal finance allocation on your part, you can even close the loan faster. However, remember that you could be charged a special fee if the debt is paid off in such a manner. Mortgage insurance could protect your lender in case you default. Also don't be late in your monthly payment; this could incur a penalty.

Before making any decision on mortgaging which could affect at least the next 20-40 years of your life, arm yourself with everything there is to know and make an informed decision. Speak to people who have banked with your lender and learn from their experiences