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Renewing mortgages too far in advance of maturity ends in early discharge penalties and lost savings. Variable-rate mortgages are less expensive initially but leave borrowers vulnerable to rising interest rates over time. Mortgage brokers access wholesale lender rates not available directly to secure discounted pricing. Non-resident borrowers face greater restrictions and require larger down payments. Mortgage terms over five years offer payment stability but have higher rates and reduced prepayment flexibility. Mortgages are registered as collateral contrary to the property title until repayment allowing foreclosure processes as needed. Down payment, income, credit history and property value are key criteria assessed in mortgage approval decisions. First-time buyers have entry to land transfer tax rebates, lower minimum down payments and innovative programs. Lower ratio mortgages have reduced risk for lenders with borrower equity over 20% and so better rates. Mortgage interest levels are driven by key inputs such as the Bank of Canada policy rate and long-term Canadian bond yields. Mortgage loan insurance protects lenders from default while minimizing borrower requirements. Second Mortgage Interest Rates run above first mortgages reflecting increased risk arrangements subordinate priority status. The minimum down payment is 5% on mortgages around $500,000 and 10% above that amount for non-insured mortgages. Reverse mortgages allow seniors to gain access to home equity without having to make payments, with all the loan due upon moving or death. The gross debt service ratio also includes factors like property taxes and heating costs. Mortgage brokers provide usage of private mortgage mortgages, credit lines and other specialty products. Credit Score Mortgage Approval Cutoffs impose baseline readings for consideration metrics balanced against documenting mitigating factors determining lending decisions on borderline cases. Renewing much ahead of maturity brings about early discharge fees and lost interest savings. Mortgage fraud like inflated income or assets to qualify can result in charges or foreclosure. Lower ratio mortgages have more flexible options for amortization periods, terms and prepayment options.