RBC has recently announced a cut in their 5-year fixed term mortgage rate, and with other banks expected to follow suit, now may be a better time than ever to look at locking in that mortgage on a new home.

A mortgage is a loan that is primarily used to buy a home. Lenders will loan you a large sum of money to cover the purchase of a property, using the home as collateral until repayment of the mortgage has been made. Finding the right mortgage to suit your needs may seem daunting at first but with these simple steps you’ll be on your way to home ownership in no time.

Step One: Find a Lender

Apart from the comfort factor, going to a bank where you’re already a customer can make the mortgage application process easier. You can always compare…

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