Once you start to think about buying a home, you should meet with your lender or mortgage broker. Here are some of the things you may want to look into...

Mortgage Rates - It definitely pays to shop around. For example, the difference in the monthly payment on a $250,000 mortgage at 5.25 percent vs. 4.75 percent is about $71 per month. Over 30 years, that's $21,300!
Mortgage Terms - Your lender or mortgage broker should be able to help you select the right mortgage for your situation. Fixed rate or variable? Are there penalties for “paying down” the mortgage early?
Downpayment - Find out from your lender how much you need to set aside for the downpayment. The downpayment is not the same as the deposit which is due when an offer is made or accepted and usually is about 5% of the purchase price.
Pre-Approval - Your lender will tell you the maximum amount of loan they will offer, and which loan programs you qualify for. You'll also have a better idea about your interest rate, or you might lock-in a specific rate. This will not only be helpful during your home search, but will also be an advantage when it comes to offer time. Ask for an approval letter to give extra weight to your offer.
Bridge / Interim Financing - If you have a home to sell you should look into bridge or interim financing. This is required when you take possession of your new home before the sale of your current home is completed. It can allow you to be more flexible when negotiating either the sale of your current home or purchase of your new home. It doesn’t hurt to be prepared!
High Ratio Insurance - Usually applies when your downpayment is less than 25% or the purchase price. The premium ranges from 0.5% to 2.9% depending on the loan to value ratio.

Step two - Your wants and needs