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The maximum amortization period for new insured mortgages was reduced from 40 years to two-and-a-half decades in 2011 to cut back taxpayer risk exposure. Lower ratio mortgages avoid insurance charges but require 20% minimum deposit. Uninsured mortgage options become accessible once home equity surpasses 20 %, removing mandatory default insurance requirements while carrying lower costs for anyone able to demonstrate sufficient assets. The First-Time Home Buyer Incentive allows for just a 5% downpayment without increasing taxpayer risk. Second Mortgages let homeowners access equity without refinancing the original home loan. Careful comparison searching for the best home loan rates can save countless amounts long-term. Canadians moving could port their mortgage to some new property if staying with all the same lender. The Bank of Canada includes a conventional mortgage rate benchmark that influences its monetary policy decisions.

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