Mandatory house loan insurance for high ratio buyers offsets elevated default risks related to smaller down payments in order
How To Improve Credit Score facilitate broader accessibility to responsible homeowners. Mortgage features like prepayment options should be considered together with comparing rates across lenders. The mortgage stress test requires all borrowers prove capacity to pay for at greater qualifying rates. Mortgage applications require documenting income, tax returns, downpayment sources, property value and overall financial picture. First-time buyers have access to land transfer tax rebates, tax credits, 5% minimum deposit and more.