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Discharge fees, sometimes called mortgage-break fees, apply if ending a home loan term before maturity to compensate the bank. Mortgage Renewals allow existing homeowners to refinance their mortgage when their original term expires. Guarantor mortgages involve a 3rd party with a good credit score cosigning to help borrowers with less adequate income or credit qualify. Mortgage terms over several years offer greater payment certainty but typically have higher rates than shorter terms. Down payment, income, credit standing and property value are key criteria assessed in mortgage approval decisions. Mortgage rates usually are higher with less competition in smaller towns versus major towns with many lender options. The CMHC has a First Time Home Buyer Incentive that essentially provides a form of shared equity mortgage.

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