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Revisión de 13:20 29 dic 2023

Lower ratio mortgages allow avoiding costly CMHC insurance premiums but require 20% down. Mortgage Pre-approvals give buyers confidence to produce offers knowing they can secure financing. B-Lender Mortgages feature higher rates but provide financing to borrowers struggling to qualify at banks. Regular mortgage payments are broken into principal repayment and interest charges. First-time house buyers have access to land transfer tax rebates, lower minimum down payments and programs. Mortgage pre-approvals specify a collection borrowing amount and terms making offers stronger plus secure rates. Newcomers to Canada should research alternatives if can not qualify for a mortgage. Shorter term and variable rate mortgages allow more prepayment flexibility but less rate certainty.

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Mortgage default insurance allows high ratio lending while protecting lenders if borrowers default. Second Mortgages are helpful for homeowners needing usage of equity for big expenses like home renovations. Second Mortgages enable homeowners to get into equity without refinancing the main home loan. Fixed rate mortgages provide stability and payment certainty but reduce flexibility relative to variable/adjustable mortgages. Mortgage terms over 5 years provide payment stability but reduce prepayment flexibility. Lengthy extended amortizations over 25 years or so reduce monthly costs but increase interest paid. MIC mortgage investment corporations cater to riskier borrowers not able to qualify at traditional banks.

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