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Mortgage loan insurance facilitates responsible lending by transferring risk from banks to insurers like CMHC for high ratio mortgages. The CMHC offers qualified first time home buyers shared equity mortgages from the First Time Home Buyer Incentive. Mortgage Discharge Statements are expected as proof the home is free and totally free of debt obligations. Mortgage Term Selection Factors consider type timing goals weighing comparative merits between fixed open variable products determining rate stability flexibility. Mortgage pre-approvals specify an arrangement borrowing amount and terms making offers stronger plus lock in rates. Borrowers seeking flexibility may prefer shorter 1-3 year terms and intend to refinance later at lower rates. Renewing mortgages into the same product before maturity often allows retaining collateral charge registrations avoiding discharge administration fees and legal intricacies connected with entirely new registrations.
