What a mortgage is going to cost will depend only in part on the interest rate, so make sure your inquiry goes beyond just "What's your rate?"
The right mortgage, and the right mortgage lender, depend on many variables such as the property type, location, use, and value and property owners need to consider important factors such as the appropriate amount, term, amortization, and payment plan of the mortgage they are considering and in addition, owners and buyers should look closely at any pre-payment privileges or penalties, fees and other non interest related costs that can be part of the terms of a given mortgage.
With such a wide variety of financial institutions offering mortgages, consumers have never had such a wide range of options - however the process of finding the most suitable mortgage has also become more complex. Certain lenders focus on the residential property market and others focus on commercial or recreational. Other lenders will focus on harder to finance borrowers that may have credit approval challenges with banks due to late payments, or previous bankruptcy. Finally, there are lenders that specialize in certain types of properties and types of borrowers. While one lender may not approve a self employed person or newly arrived immigrant, another lender may focus entirely on serving this type of customer.