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Insured mortgage purchases amortized beyond 25 years or so now require that total debt obligations stay within 42% gross or less after housing expenses and utilities have been accounted for to prove affordability. Interest Only Mortgages enable investors to initially just pay interest while focusing on income. First-time buyers have use of land transfer tax rebates, lower minimum deposit and innovative programs. Non Resident Mortgages require higher down payments from out-of-country buyers unable or unwilling to advance to Canada. Closing costs like attorney's fees, title insurance, inspections and appraisals add 1.5-4% on the purchase price of an home using a mortgage. First-time homeowners have use of land transfer tax rebates, lower minimum deposit and more. best private mortgage lenders in BC brokers can assist borrowers who are declined by providing alternative lending solutions like private mortgage lenders mortgages. Down payment, income, credit score and loan-to-value ratio are key criteria lenders use to approve mortgages. Most mortgages in Canada are open mortgages, allowing prepayment at any time, while closed mortgages restrict prepayment options. Stated Income Mortgages entice certain borrowers unable or unwilling to totally document their income.

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