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Comparison mortgage shopping between lenders could potentially save thousands long-term. Non Resident Mortgages include higher deposit for overseas buyers who won’t occupy. Shorter term and variable rate mortgages often allow more prepayment flexibility but offer less rate stability. The OSFI mortgage stress test enacted in 2018 requires proving capacity to cover at much higher rates. Mortgages to book properties or cottages generally require a minimum 20% downpayment. The mortgage stress test requires showing capability to make payments at a qualifying rate roughly 2% higher than contract rate. First-time homeowners should research available rebates, credits and incentives before shopping for homes.
