When you talk to a potential lender, be upfront about what you want and make sure you feel comfortable dealing with this individual and their institution. You also want to be clear on prepayment options and prepayment charges for terminating the mortgage early. This is often overlooked by first-time homebuyers and comes as a surprise if the need ever arises to end a mortgage early.
An advantage of building a relationship with a lender early is that you can arrange for a preapproved mortgage so you will know how much home you can afford. Without a preapproval, you risk spending time looking for a home that may be above your price range and then be disappointed when you are not approved for the full mortgage amount. A preapproved mortgage qualifies you for mortgage financing at an interest rate that is typically guaranteed for 120 days from the time that preapproval is granted
You can start getting familiar with your options by trying out online mortgage calculators, like Scotiabank’s What Can I Afford? tool.