Relocating

Your down payment is the portion you put toward the purchase price of your home. In Canada, the minimum down payment is 5%, but putting down more can reduce your mortgage costs over time. That said, it’s important not to overextend. Protect your cash flow and think long term.

If your down payment is under 20%, your lender will require mortgage insurance (usually through CMHC). This protects the lender, but it also helps you enter the market sooner. The smaller your down payment, the higher the insurance premium—but you can still finance up to 95% of your purchase price.

You can often choose between monthly, bi-weekly, or weekly mortgage payments. Accelerated bi-weekly payments can help you pay off your loan faster and reduce interest—just ask your lender what fits your budget and income cycle.

Many Canadian mortgages allow you to make lump sum payments or increase your regular payments annually without penalty. These features can save you thousands in interest over time. Ask your lender what prepayment privileges are included in your mortgage agreement.

A fixed mortgage gives you peace of mind with predictable payments. A variable rate can offer savings, but it comes with more risk. Your choice depends on your financial goals and comfort with rate changes. A mortgage specialist can help you weigh the pros and cons.
Need a mortgage expert in the GTA? We’re happy to connect you with trusted professionals who can help.