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Government-backed mortgage bonds with the Canada Mortgage Bond program certainly are a key funding source for lenders. The standard mortgage term is several years but 1 to 10 year terms are available depending on rate outlook and requires. Stated Income Mortgages were popular prior to the housing crash but have mostly disappeared over concerns about income verification. Mortgage Credit Scores help determine qualification likelihood and interest levels offered by lenders. Renewing to soon before contract maturity can result in prepayment penalties and forfeiting remaining lower rates. Switching lenders often provides monthly interest savings but involves discharge fees and new mortgage setup costs. More rapid repayment through weekly, biweekly or one time payments reduces amortization periods and interest paid. Self Employed Mortgages require extra verification steps given the increased income documentation complexity. Skipping or inconsistent home loan repayments damages credit ratings and renewal eligibility for better rates. MIC mortgage investment corporations serve riskier borrowers unable to qualify for traditional bank mortgages. Mortgage applications require documenting income, taxation statements, down payment sources, property value and overall financial picture. Defined mortgage terms outline set rate and payment commitments typically ranging two years span 10 years locked whereas open terms permit rate flexibility at any time functionality favoured sophisticated homeowners mitigating cycles or anticipating moves. Maximum amortization periods apply to each renewal, and can't exceed original maturity. Prepayment charges compensate the lender for lost interest revenue when a closed mortgage is repaid early. Borrowers can make one time payment payments annually and accelerated bi-weekly or weekly payments to cover mortgages faster. The mortgage blend is the term for optimal ratios between interest paid versus principal paid down each installment, recognizing interest comprises higher portions early then drops over time as equity accelerates. Mortgage qualification rules have moved from simple income multiples towards more rigorous stress testing approaches. The debt service ratio compares mortgage costs and also other debts How To Check My Credit Score gross monthly income. The Home Buyers Plan allows withdrawing RRSP savings tax-free for a home purchase deposit. Newcomer Mortgages help new Canadians pay roots and establish a favorable credit record after arriving.