Time and time again I am increasingly surprised at the number of people who go shopping for a home and mortgage without taking the time to know what is out there in the marketplace. I regularly have clients that have $50,000 RRSP portfolios that subscribe to multiple investment newsletters, while they are applying for a $300,000 mortgage completely in the dark.

For most people a home is the largest purchase they will make in a lifetime. On that same note, the mortgage associated with that purchase is also usually the largest financial product that they will shop for. This is not a decision that you want to take lightly. You should never buy a home impulsively, and never pick a mortgage without careful consideration. What I am going to provide is a number of references for good mortgage information so that when you sit down to make that decision you will be well informed and ready to negotiate.

The first thing I would do is get well read on the topic. In my opinion, one of the best and most informative mortgage books on the market is The Canadian Mortgage Book. Written by Gordon Pape and Bruce McDougall this book goes over almost everything you need to know about mortgages and then some. While Gordon Pape is highly regarded for his Mutual Fund expertise, I happen to think that he also provides solid mortgage advice. At $16.95 per copy (plus taxes) I don’t think you can go wrong with this purchase. I got my copy from www.indigo.ca, but I am sure that many bookstores do (or should) carry his book. While the book is worth reading, I wouldn’t bother installing the software as you can get all of the information the software provides on most financial websites without it clogging your hard drive after the fact.

Another good source of mortgage information is Tony Humble’s mortgage columns in The National Post. To read his columns they can be found here. Having read most of his columns I have been impressed with the non-biased way that he presents issues. Aside from being a mortgage columnist with The National Post, Tony is a Managing Director for a new magazine called The Wealthy Boomer (a magazine worth reading). As a former mortgage broker his columns are particularly valuable because they do not promote one financial institution, but focus on all the options available for consumers. Aside from his columns you will also find a number of mortgage calculators that can help you make some key mortgage decisions.

On that note, there are of course many good places to find these calculators and other resources. Here are a few places that I would recommend:

• Of the big banks I would definitely say that the Royal Bank takes the mortgage website prize. Their mortgage section can be found at http://www.royalbank.com/mortgage. The only down side is that their product information is limited to the mortgage products they sell.
• Norlite Financial Services is the largest mortgage brokerage firm in Canada. They deal with big banks as well as a variety of other lenders. Their website has many calculators, frequently asked questions as well as a comprehensive glossary of terms. Their website can be reached at http://www.norlite.net.
• The Canadian Institute of Mortgage Brokers and Lenders (CIMBL) also has mortgage calculators at http://www.cimbl.ca/tools_intro.htm. This is the professional association for Mortgage Brokers and Lenders. This site is simple but effectively unbiased.

It is my hope that you all take the time to use the resources I have listed before you go shopping. Knowing what the market has to offer will save you time and money.

Calum Ross is one of Canada’s top ranked mortgage advisors. He has appeared on Canada AM, Investment Television, Report on Business Television, City TV, is an industry speaker and mortgage columnist. He holds both a B.Comm and MBA in Finance.