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You may want to compare the various banks' mortgage rates and features, such as portability, assumability, prepayment.  

"Accelerated" weekly or bi-weekly payments:  

Instead of monthly payments of principal and interest, if you pay your mortgage off in weekly or biweekly intervals, at the same interest rate, based on the same amortization period, it's very beneficial but only if the monthly principal and interest payment is divided by 4 (based on 4 weeks per month), or by 2 for biweekly payments, either of which will save you thousands of dollars and will shave years off your mortgage.

Apply for mortgage pre-approval

By getting pre-approved before going house-hunting, you'll know the maximum loan and price of home you can afford. A written pre-approval generally does not bind you in any way, nor does it bind the lender if some of the facts have been misstated, for example, disclosing gross income instead of net income if self-employed.  

Immediately after acceptance by the seller(s) of your signed Offer (Agreement of Purchase and Sale) on a particular home, you have to apply for the mortgage. The financial institution will ask for details on the home and for proof of income. A thorough check (including an authorized credit check) of your current financial position and employment is then made (and a final credit check is made just before the closing date of the transaction), and the property is appraised to ascertain its current market value, and, if all is satisfactory to the lender, a mortgage loan will be granted.

The financial institutions and CMHC have strict guidelines that must be adhered to, before a loan can be granted. For example, if the buyer's income (or combined income of multiple buyers, if more than one buyer) is too low, it may disqualify the buyer from getting a loan. Most banks' pre-approval relies on the buyer's future financial stability, which is generally based on proof of income for the past three years. Income from self-employment usually refers to income after all business expenses have been deducted. Financial statements, income tax returns, and related assessment notices from CRA (Canada Revenue Agency) may have to be provided to the financial institution.

You can always get another pre-approval, but if interest rates seem to be at their lowest level, get the longest pre-approval possible, so that you can buy a home and have your mortgage funds advanced before the period has expired.

Aim for at least a 90-day commitment, the longer, the better; and choose the financial institution that offers the features you want and the best interest rate for the mortgage term you have selected. Always negotiate a lower interest rate than posted, and get it in writing.

And make sure your Pre-Approved Mortgage Certificate shows that if the interest rate drops in the meantime, you're entitled to get the rate in effect less your negotiated discount (which should also be mentioned in the Certificate) on the date you sign the mortgage contract.

Or let the mortgage broker in my office take care of mortgage matters for you. He may save you time and money.