by  Robin Williams

It is much easier said than donewhen you hear people giving you advice as how you should be managing yourfinances so that you are never in debt. However, debt helps you tobecome financially alert and if you are aware of the consequences of having adamaged credit rating, chances are that you will not allow your finances to goberserk. 

by Martin Shao

By not paying attention to a few simple steps, many Canadians who apply for mortgages end up losing money because of these costly mistakes.

Procrastination

To some extent, we all procrastinate. And occasionally we benefit from it. This doesn’t apply when arranging for a mortgage. Believe it or not, some apply for a mortgage just days before their closing or mortgage renewal dates. This is simply wrong.

As soon as you start thinking about buying, you should talk to your bank or mortgage broker. This process is called getting a pre-approved mortgage. This guarantees the best rate for up to 120 days even though the rate may fluctuate higher during that time. If during this time you find a better rate elsewhere, you can also apply for it. The pre-approval is not an obligation to borrow; it is the lender’s obligation to provide you with the best rate.