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Mortgage loan insurance protects lenders by covering defaults on high ratio mortgages. The maximum amortization period for brand new insured mortgages in Canada is twenty five years, meaning they will be paid off on this timeframe. Mortgage terms over several years offer payment stability but have higher rates and reduced prepayment flexibility. Adjustable Rate Mortgages see payments fluctuate alongside changes inside the prime interest. The land transfer tax rebate for first-time buyers can be used as closing costs or reinvested to accelerate repayment. Mortgage loan insurance through CMHC protects lenders by covering defaults over 80% loan-to-value ratio. Foreign non-resident buyers face greater restrictions on getting Canadian mortgages and need larger down payments.

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