{"id":3873,"date":"2022-09-06T06:25:26","date_gmt":"2022-09-06T11:25:26","guid":{"rendered":"https:\/\/solutionshypotheques.ca\/?p=3873"},"modified":"2026-04-04T15:54:43","modified_gmt":"2026-04-04T20:54:43","slug":"4-mortgage-mistakes-that-could-cost-you-thousands","status":"publish","type":"post","link":"https:\/\/solutionshypotheques.ca\/en\/latest-news\/4-mortgage-mistakes-that-could-cost-you-thousands\/","title":{"rendered":"4 Mortgage Mistakes That Could Cost You Thousands"},"content":{"rendered":"\r\n

For most, a house is the biggest purchase they will ever make. And such a significant investment comes with a lot of responsibility. So, before you take out a mortgage for your property<\/strong><\/a> in Montreal, you should know a few things before making any decisions.\u00a0<\/p>\r\n\r\n\r\n\r\n

Here are four mortgage mistakes that could cost you thousands of dollars:<\/p>\r\n\r\n\r\n\r\n

#1: Not Shopping Around for the Best Mortgage Rate<\/strong><\/h2>\r\n\r\n\r\n\r\n

Many accept the first mortgage rate offered without shopping around for a better deal on the market. But with so many lenders competing for business, it’s essential to look around and compare rates before making a decision.<\/p>\r\n\r\n\r\n\r\n

A few percentage points may appear minor, but over the life of a 30-year mortgage, it can add up in extra interest. For example, on a mortgage of 250,000 Canadian dollars with an interest rate of 4%, you would pay about CA$179,000 in interest over the life of the loan. But if you could get a lower interest rate of 3%, you would save about CA$26,000 in interest over the life of the loan.<\/p>\r\n\r\n\r\n\r\n

So, before you commit to a mortgage, compare rates from multiple lenders to ensure you’re getting the best deal possible.<\/p>\r\n\r\n\r\n\r\n

#2: Not Getting Pre-Approved for a Mortgage<\/strong><\/h2>\r\n\r\n\r\n\r\n

Many first-time home buyers get pre-qualified but not pre-approved for a mortgage. Pre-qualification is when a lender estimates how much you could borrow based on an initial assessment of your financial situation. But pre-approval is when a lender gives you a firm commitment to lend you a specific amount of money.\u00a0<\/p>\r\n\r\n\r\n\r\n

Once pre-approved, you’ll know exactly how much money you have to work with and can start shopping for homes within your price range.<\/p>\r\n\r\n\r\n\r\n

Not only will getting pre-approved help you save time and energy, but it will also give you an edge over other home buyers.\u00a0<\/p>\r\n\r\n\r\n\r\n

#3: Not Finding a Local Mortgage Broker<\/strong><\/h2>\r\n\r\n\r\n\r\n

When you’re ready to start looking for a mortgage, finding a local mortgage broker is crucial. Many national banks offer mortgages, but they may not be your best option. A local mortgage broker will better understand the Montreal market and help you find the right mortgage for your unique situation.<\/p>\r\n\r\n\r\n\r\n

An excellent mortgage broker will also be able to negotiate with lenders on your behalf and get you the best possible interest rate. They will answer your questions and keep the dreaded\u00a060-Day Notice<\/strong><\/a>\u00a0from being sent to you.<\/p>\r\n\r\n\r\n\r\n

#4: Not Having Cash on Hand After Closing<\/strong><\/h2>\r\n\r\n\r\n\r\n

Down payment, closing costs, and other fees can add up quickly when buying a home. And it can deplete your savings account even faster. That’s why it’s essential to have some cash set aside after closing, so you’re not left scrambling to cover unexpected expenses.<\/p>\r\n\r\n\r\n\r\n

Don’t Make These Mortgage Mistakes<\/strong><\/h3>\r\n\r\n\r\n\r\n

It’s easy to get absorbed in the excitement of buying a home and overlook some crucial details. But to avoid costly mistakes, it’s essential to shop around, get pre-approved, and find a good local mortgage broker. Here in Montreal, you can count on the team at\u00a0North East<\/strong>\u00a0to help you through the process from start to finish.\u00a0Contact us<\/strong><\/a>\u00a0today, and I would be happy to help you navigate the home-buying process and find the perfect mortgage for your needs.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

For most, a house is the biggest purchase they will ever make. And such a significant investment comes with a …<\/span><\/p>\n","protected":false},"author":7,"featured_media":3874,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[75],"tags":[185,39,38,186],"class_list":["post-3873","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-mortgage-news-loans","tag-mortgage-tips","tag-private-mortgage","tag-rates-and-tips"],"acf":[],"yoast_head":"\n4 Mortgage Mistakes That Could Cost You Thousands | Solutions Hypotheques<\/title>\n<meta name=\"description\" content=\"For most, a house is the biggest purchase they will ever make. And such a significant investment comes with a lot of responsibility.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/solutionshypotheques.ca\/en\/latest-news\/4-mortgage-mistakes-that-could-cost-you-thousands\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"4 Mortgage Mistakes That Could Cost You Thousands | Solutions Hypotheques\" \/>\n<meta property=\"og:description\" content=\"For most, a house is the biggest purchase they will ever make. And such a significant investment comes with a lot of responsibility.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/solutionshypotheques.ca\/en\/latest-news\/4-mortgage-mistakes-that-could-cost-you-thousands\/\" \/>\n<meta property=\"og:site_name\" content=\"Solutions Hypotheques\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-06T11:25:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-04T20:54:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/solutionshypotheques.ca\/wp-content\/uploads\/2022\/09\/mortgage.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1254\" \/>\n\t<meta property=\"og:image:height\" content=\"836\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nectarios Petropoulos\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nectarios Petropoulos\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"4 Mortgage Mistakes That Could Cost You Thousands | Solutions Hypotheques","description":"For most, a house is the biggest purchase they will ever make. And such a significant investment comes with a lot of responsibility.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/solutionshypotheques.ca\/en\/latest-news\/4-mortgage-mistakes-that-could-cost-you-thousands\/","og_locale":"en_US","og_type":"article","og_title":"4 Mortgage Mistakes That Could Cost You Thousands | Solutions Hypotheques","og_description":"For most, a house is the biggest purchase they will ever make. And such a significant investment comes with a lot of responsibility.","og_url":"https:\/\/solutionshypotheques.ca\/en\/latest-news\/4-mortgage-mistakes-that-could-cost-you-thousands\/","og_site_name":"Solutions Hypotheques","article_published_time":"2022-09-06T11:25:26+00:00","article_modified_time":"2026-04-04T20:54:43+00:00","og_image":[{"width":1254,"height":836,"url":"https:\/\/solutionshypotheques.ca\/wp-content\/uploads\/2022\/09\/mortgage.jpg","type":"image\/jpeg"}],"author":"Nectarios Petropoulos","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Nectarios Petropoulos","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/solutionshypotheques.ca\/en\/latest-news\/4-mortgage-mistakes-that-could-cost-you-thousands\/#article","isPartOf":{"@id":"https:\/\/solutionshypotheques.ca\/en\/latest-news\/4-mortgage-mistakes-that-could-cost-you-thousands\/"},"author":{"name":"Nectarios Petropoulos","@id":"https:\/\/solutionshypotheques.ca\/#\/schema\/person\/1c3c148a33b5706b0eb54f2e7c80d214"},"headline":"4 Mortgage Mistakes That Could Cost You Thousands","datePublished":"2022-09-06T11:25:26+00:00","dateModified":"2026-04-04T20:54:43+00:00","mainEntityOfPage":{"@id":"https:\/\/solutionshypotheques.ca\/en\/latest-news\/4-mortgage-mistakes-that-could-cost-you-thousands\/"},"wordCount":536,"publisher":{"@id":"https:\/\/solutionshypotheques.ca\/#organization"},"image":{"@id":"https:\/\/solutionshypotheques.ca\/en\/latest-news\/4-mortgage-mistakes-that-could-cost-you-thousands\/#primaryimage"},"thumbnailUrl":"https:\/\/solutionshypotheques.ca\/wp-content\/uploads\/2022\/09\/mortgage.jpg","keywords":["Mortgage news : loans","Mortgage tips : finance and home\u2011buying advice","Private mortgage : alternative financing","rates and tips"],"articleSection":["Lastest News"],"inLanguage":"en-ca"},{"@type":"WebPage","@id":"https:\/\/solutionshypotheques.ca\/en\/latest-news\/4-mortgage-mistakes-that-could-cost-you-thousands\/","url":"https:\/\/solutionshypotheques.ca\/en\/latest-news\/4-mortgage-mistakes-that-could-cost-you-thousands\/","name":"4 Mortgage Mistakes That Could Cost You Thousands | Solutions Hypotheques","isPartOf":{"@id":"https:\/\/solutionshypotheques.ca\/#website"},"primaryImageOfPage":{"@id":"https:\/\/solutionshypotheques.ca\/en\/latest-news\/4-mortgage-mistakes-that-could-cost-you-thousands\/#primaryimage"},"image":{"@id":"https:\/\/solutionshypotheques.ca\/en\/latest-news\/4-mortgage-mistakes-that-could-cost-you-thousands\/#primaryimage"},"thumbnailUrl":"https:\/\/solutionshypotheques.ca\/wp-content\/uploads\/2022\/09\/mortgage.jpg","datePublished":"2022-09-06T11:25:26+00:00","dateModified":"2026-04-04T20:54:43+00:00","description":"For most, a house is the biggest purchase they will ever make. And such a significant investment comes with a lot of responsibility.","breadcrumb":{"@id":"https:\/\/solutionshypotheques.ca\/en\/latest-news\/4-mortgage-mistakes-that-could-cost-you-thousands\/#breadcrumb"},"inLanguage":"en-ca","potentialAction":[{"@type":"ReadAction","target":["https:\/\/solutionshypotheques.ca\/en\/latest-news\/4-mortgage-mistakes-that-could-cost-you-thousands\/"]}]},{"@type":"ImageObject","inLanguage":"en-ca","@id":"https:\/\/solutionshypotheques.ca\/en\/latest-news\/4-mortgage-mistakes-that-could-cost-you-thousands\/#primaryimage","url":"https:\/\/solutionshypotheques.ca\/wp-content\/uploads\/2022\/09\/mortgage.jpg","contentUrl":"https:\/\/solutionshypotheques.ca\/wp-content\/uploads\/2022\/09\/mortgage.jpg","width":1254,"height":836,"caption":"Mortgage Refinance Montreal"},{"@type":"BreadcrumbList","@id":"https:\/\/solutionshypotheques.ca\/en\/latest-news\/4-mortgage-mistakes-that-could-cost-you-thousands\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/solutionshypotheques.ca\/en\/"},{"@type":"ListItem","position":2,"name":"4 Mortgage Mistakes That Could Cost You Thousands"}]},{"@type":"WebSite","@id":"https:\/\/solutionshypotheques.ca\/#website","url":"https:\/\/solutionshypotheques.ca\/","name":"Solutions Hypotheques","description":"","publisher":{"@id":"https:\/\/solutionshypotheques.ca\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/solutionshypotheques.ca\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-ca"},{"@type":"Organization","@id":"https:\/\/solutionshypotheques.ca\/#organization","name":"North East","url":"https:\/\/solutionshypotheques.ca\/","logo":{"@type":"ImageObject","inLanguage":"en-ca","@id":"https:\/\/solutionshypotheques.ca\/#\/schema\/logo\/image\/","url":"https:\/\/solutionshypotheques.ca\/wp-content\/uploads\/2021\/01\/Nord_est_logo_fr_01.png","contentUrl":"https:\/\/solutionshypotheques.ca\/wp-content\/uploads\/2021\/01\/Nord_est_logo_fr_01.png","width":420,"height":137,"caption":"North East"},"image":{"@id":"https:\/\/solutionshypotheques.ca\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/solutionshypotheques.ca\/#\/schema\/person\/1c3c148a33b5706b0eb54f2e7c80d214","name":"Nectarios Petropoulos","image":{"@type":"ImageObject","inLanguage":"en-ca","@id":"https:\/\/solutionshypotheques.ca\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/c939ea8849f8ca9e839ddcd6f09a8a082de6a44daf02bfa099032a24e539171d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c939ea8849f8ca9e839ddcd6f09a8a082de6a44daf02bfa099032a24e539171d?s=96&d=mm&r=g","caption":"Nectarios Petropoulos"},"url":"https:\/\/solutionshypotheques.ca\/en\/author\/7e76b4da87eb8ee1\/"}]}},"_links":{"self":[{"href":"https:\/\/solutionshypotheques.ca\/en\/wp-json\/wp\/v2\/posts\/3873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/solutionshypotheques.ca\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/solutionshypotheques.ca\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/solutionshypotheques.ca\/en\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/solutionshypotheques.ca\/en\/wp-json\/wp\/v2\/comments?post=3873"}],"version-history":[{"count":2,"href":"https:\/\/solutionshypotheques.ca\/en\/wp-json\/wp\/v2\/posts\/3873\/revisions"}],"predecessor-version":[{"id":5785,"href":"https:\/\/solutionshypotheques.ca\/en\/wp-json\/wp\/v2\/posts\/3873\/revisions\/5785"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/solutionshypotheques.ca\/en\/wp-json\/wp\/v2\/media\/3874"}],"wp:attachment":[{"href":"https:\/\/solutionshypotheques.ca\/en\/wp-json\/wp\/v2\/media?parent=3873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/solutionshypotheques.ca\/en\/wp-json\/wp\/v2\/categories?post=3873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/solutionshypotheques.ca\/en\/wp-json\/wp\/v2\/tags?post=3873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}