Why there's no stigma in not going with the big banks for your mortgage

This article has been updated from a previous version.*

When it comes to shopping for mortgages, most homebuyers in Canada tend to take a conservative approach. 

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This article has been updated from a previous version.

Not every mortgage is the same. There are fixed rate mortgages and variable rate mortgages, of course, which refer to the interest you’ll have to pay throughout your loan term.

But then there are also conventional and high-ratio mortgages — these terms decide whether a buyer needs to pay insurance on their mortgage.

About the author

Renee Sylvestre-Williams

Renee Sylvestre-Williams is a finance and business reporter. In her more than 10 years of journalism, her work has been published in the Globe and Mail, Flare, Canadian Living, Canadian Business, the Toronto Star and Forbes. She also publishes a biweekly newsletter, The Budgette, where she provides financial education for single earners.

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The LowestRates.ca writing team focuses on telling original stories and bringing you the latest news in the world of personal finance.

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4 Tips for getting a mortgage pre-approval in Canada

Mortgage pre-approvals are a great way to prepare for purchasing a home. Essentially, what a lender is trying to do with the pre-approval process is get a lot of their paperwork out of the way before you find the house of your dreams and want to immediately put in an offer.

Checking your score won’t hurt your credit — promise.

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