As a mortgage professional experienced in the mortgage profession I am to educate and guid you through the mortgage business.
Recently there has been changes that help many canadians own a home sooner then later.
1) Ammortizations have increased to 40 years now. This means that the proposed monthly payment is lower to allow ownership easier.
2) Borrowing amounts have increased to offer 100%. This has been out for a while but a lot of canadians who are catergorized in the bank system are not aware that even though the major banks will not approve the mortgage there are mortgage banks that will offer up to 100% depending how good or not so good your credit is. The rates are the same or even better then what the banks can offer.
3) People think of mortgage and they think of fixed monthly payment for a 5 year term. This is good for people who want a fixed guaranteed monthly payment comming out. But a lot of other canadians have the option of getting a variable mortgage or line of credit secured on the home. This is good in that you have the option of using the prime to your advantage to pay what you want when you want without worrying about any penalties.
4) The playing field for acquiring a mortgage has come down with requirement for those persons looking for a preperty to buy for rental purposes. This means if you have a good credit score you can buy a rental property with no money down. This is good for those investors who are looking to increase their networth by acquiring a property with no money down.
Call me anytime with anyquestions you might have to these and any other mortgage related questions.