#1 Seek the advice of a financial advisor who works for a set fee. Finding an independent financial advisor who works on a set fee, to work with you on your specific financial goals, is the best way to ensure that you get the best and the most unbiased financial advice. Rather than talking to someone at your bank or lending institution, who makes money based on their recommendations to you, work with an independent advisor who has nothing to gain from your decisions that you make.
Tip #2 Opt for a closed term mortgage rather than an open one unless you will be paying it off in full during the term. An open mortgage at a fixed rate of interest will carry a higher interest rate than a closed term mortgage will. Unless you need to pay off your mortgage during the term, it is always advisable to go with the closed term and know that you can always pay off the mortgage when you are looking at renewing without penalty. And, while you are in the term you can generally pay up to 10-20% of the mortgage without a prepayment penalty.
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