Mortgage term life insurance pays off a home loan upon death while disability insurance covers payments if can not work as a result of illness or injury. The First-Time Home Buyer Incentive reduces monthly costs through shared equity without repayment needed. The debt service ratio compares monthly housing costs and other debts against gross monthly income. Lower ratio mortgages allow avoiding costly CMHC insurance charges but require 20% down. The First-Time Home Buyer Incentive reduces monthly
mortgage payment calculator costs through co-ownership and shared equity.
