When it comes to mortgages, many people realize too late how important it is to be financially prepared. Looking back, there are a few key lessons that can make a big difference for your future.

Start with your credit score. A strong score can give you access to better rates and terms, while unresolved debts or high balances can limit your options. Next, think about your long-term plans: Are you planning to move, renovate, or pay off your mortgage early? The answers will affect the type of mortgage that’s right for you.

Another lesson many homeowners wish they knew sooner is how prepayment options work. Some mortgages let you make lump-sum payments or increase your regular payments without penalty. Others have restrictions that can cost you if you need flexibility. Being aware of these details helps you plan ahead and avoid surprises.

Finally, having a trusted mortgage professional on your side is invaluable. From reviewing your current situation to preparing for future changes, the right guidance ensures you’re making informed decisions and staying financially confident.

The best way to approach homeownership is with foresight. Learning from the experiences of others—and from your own past decisions—helps you stay prepared, make smarter choices, and feel confident every step of the way.

– Michele McGarvey Team, Dominion Lending Centres