When you’re looking for Canadian mortgage rates, it may seem like more than you can handle. Don’t stress. Take a deep breath and follow these simple steps to get your dream home.

1. Play around on the Internet. That’s right. Use this as your superhighway for information. Familiarize yourself with terms and conditions. But most importantly, get online and try out a variety of terms and amounts to finance. Keep in mind that the lowest monthly rate doesn’t always mean the lowest rate in the end.

Just because your rate is $40 cheaper a month than another quote doesn’t mean anything if it tacks on an extra five years to the loan. This is why utilizing an online mortgage calculator is the first step you should take.

2. Find a real estate agent. You don’t have to find a real estate agent, but many times a real estate agent will fight for the best price for you. With the demand on Canada’s housing market remaining high, it could really work to your advantage to have an experienced professional on your side.

3. Get a lawyer (a.k.a. as a notary in Quebec). It’s best to have all contracts reviewed before the purchase is made. Also, a lawyer will make sure that there are no liens or taxes owed on the property that are being overlooked.

4. Hire a home inspector. Home inspectors are trained to see problems that the average home owner won’t, such as termites, outdated electrical systems, and broken building codes.

5. Insurance broker. Purchasing mortgage insurance is not only in your family’s best interest, but you’ll also be able to finance a larger portion of the value of the home with mortgage insurance.

6. Hire an appraiser. An appraiser will assess the property value for a few hundred dollars and make sure that you aren’t paying over market value for what you’re getting.

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