Canadian mortgages vary based on their loan-to-value or simply put, the percentage of the down payment. The home is an asset, securing the mortgage loan. The more that is owed relative to its value will dictate what type of mortgage is needed.
Renewing your mortgage is an opportune time to reassess your needs and ensure the mortgage is working for you and not the lender. Rate is the easy part, but not all mortgages are created equal. Let’s look at the whole picture, adapting the term, payments, and privileges to your advantage.