Is it the cheapest? The shortest? The longest? The one with the most payout options? It depends on what your needs are.

Defining your needs

The process of identifying the ‘best’ mortgage begins with understanding and defining your needs and preferences. It also depends on your current situation and your future plans.

For example, if you want to pay it off fast, you may want a shorter term and/or some great payout options. Or you may want to get access to equity to pay for your kids schooling or a second home.

Lots of things go into identifying the best mortgage for you at any given time:

·       Rates

·       Term

·       Payout options

·       Funding for home renovation

·       Funding for school

·       Funding for a second home

·       Lowest payment

·       Fastest payment schedule

·       Additional features (e.g. cash return, revolving credit, etc.)

·       Access to equity (CHIP reverse mortgage)