Blog entry by Tabitha Legg

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New immigrants to Canada may be able to use foreign income to qualify for the mortgage whether they have adequate savings and employment. Lower ratio mortgages generally have better rates as the lender's risk is reduced with increased borrower equity. Lengthy Mortgage Brokers In Vancouver amortizations of 30+ years reduce monthly costs but greatly increase total interest and mortgage renewal risk. Conventional rates on mortgages rising are generally 0.5 - 1% under insured mortgages as the risk to lenders is lower. The First Time Home Buyer Incentive reduces monthly costs through shared CMHC equity with no repayment. Mortgages amortized over more than 25 years or so reduce monthly obligations but increase total interest costs. First-time buyers should budget for high closing costs like legal fees, land transfer taxes and title insurance. Construction project mortgages impose maximum 18-24 month financing horizons suitable complete builds generating retention expiry incentives transitioning terms match investor owner occupant timelines upon occupancy permitting final inspection sign off.

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