The Ontario Securities Commission has provided a helpful webpage on how to choose the right mortgage for you. This webpage gives helpful explanations on all the different aspects of a mortgage. This includes: the amortization period, the mortgage term, the type of mortgage, prepayment options, etc. Overall, it is important to be informed about these issues before meeting with a lender so that you can ensure you are getting the mortgage that is right for you and your unique situation.
An essential part of buying a home is finding the right financing for the purchase. Securing a mortgage through a financial institution is a common method of financing. The Canada Mortgage and Housing Corporation webpage is a great resource to get you started thinking about the proper form of financing for your situation as well as considerations to make when securing a mortgage. Specifically, the Homebuying Guide contains a lot of great information and could be really helpful to you. This guide discusses issues such as whether homebuying is right for you, whether you are financially ready to buy a home, financing your home, purchasing your home, etc. There is also a handy flowchart in this guide regarding what happens with your lawyer on closing day!
To further the discussion on mental capacity, this webpage by the Ministry of the Attorney General provides important information on steps that should be taken if you are concerned for someone else’s well-being or if you believe someone needs to have their mental capacity assessed. It also provides information on steps to take if you wish to contest the results of a capacity assessment.