Other than getting the best rate possible, what do you need to know about negotiating a mortgage? Are you aware of break fees? Pre-payment priviledges? Do you know what penalties, if any, the bank will charge you? Have you come up with a budget, independent of the bank's?

Doug Melville, Canada’s banking ombudsman, joined us on Wednesday to answer your questions in a live online discussion about how to set up your first mortgage.

Mr. Melville also appears in this video posted on the globe investor personal finance site Wednesday as part of Building Blocks, a special web series geared towards educating young Canadian families about various personal finance topics. In the video, Mr. Melville talks with Globe personal finance reporter Roma Luciw about the process, pluses and perils of negotiating your first mortgage. Building Blocks is running online every Wednesday for four months. For last week's story and tips video, click here.

Mr. Melville was appointed the ombudsman for banking services and investments (OBSI) in August of this year. He joined OBSI, an independent organization, in 2006 as senior deputy ombudsman for banking services. Before that, he held positions in the financial industry and worked as a management consultant and policy analyst in Canada, Africa and the Middle East in the fields of international development, political and economic analysis and project management and evaluation. He has a law degree and an MBA from the University of Western Ontario, and a Master of Laws from Osgoode Hall Law School at York University.

Mr. Melville joined us Wednesday at noon ET for a live online discussion. Your questions and his answers will appear in the space below.

Source Globe and Mail