Question: Can you provide three to five quick tips that can help those in the market for a mortgage? Answer: My advice is to: Look beyond the posted rates offered by most banks.

Calgary Herald ArchiveLook for a mortgage that will help you buy the home of your dreams without breaking your piggy bank.

Do your research, negotiate a better deal and ensure you find that best rate (offered up front by some banks). It can pay off in the long term.

Understand that rate is only part of the mortgage equation.

Right now, rates are at an alltime low, and could still drop a bit more, but this means that there are more chances that, sooner rather than later, they will go up instead of down.

If you don’t feel comfortable with the volatility of a variable rate product, a fixed-rate mortgage is a good option.

You will know exactly what your payments will be for a set term.
Look for a mortgage with the option to increase your regular payments and make lump sum payments throughout the year, not only on the anniversary date.

Adding a few extra dollars onto some of your regular payments throughout the year can add up to big savings over the term of your mortgage.

Consider a mortgage that will help you adjust to changes in your life. If you decide to sell your home, you should be able to either take your mortgage with you (portable) or give your buyer the opportunity to take it over (assume) penalty free, at your current rate, term and loan amount.

And for when the unexpected happens, ensure your mortgage has the built-in flexibility that allows you to skip a payment at least once a year and pay it back when it’s convenient for you.

If you feel overwhelmed with the mortgage research and application process, call the bank directly or seek the help of an accredited mortgage broker or mortgage specialist.

They’ll be able to provide professional and clear advice with your best interest in mind.