5.2.16 Summary of key messages

• When you look for a mortgage, you have to choose:
  • the amount of the down payment you can pay
  • the amortization period that will best fit your monthly budget
  • an open or closed term mortgage
  • a fixed or variable interest rate
  • fixed or variable payments
  • a monthly, weekly, biweekly or accelerated payment schedule.
• The key factor in choosing a mortgage is what you can afford in your monthly budget.
• A mortgage calculator will help you compare the costs of different mortgage options.

At the end of the module, you will find an Action plan. This is a tool that you can use to track your progress and take the next steps to manage your mortgage successfully in the future. Use the action plan as a roadmap for financial action!