Compare mortgage options.
What each option is for, what happens, and what to watch for. Your mortgage professional can confirm what applies to you.
At a glance.
| Option | When it fits | What happens | What to watch |
|---|---|---|---|
| First-time buyers | You’re buying your first home | A new mortgage, often with first-time buyer programs | Down payment minimums, closing costs and land transfer tax |
| Buying your next home | You own and you’re moving | Port, increase or replace your current mortgage | Prepayment penalties if you break your mortgage; timing the sale and purchase |
| Refinancing | You want equity, different payments or new terms | Your mortgage is replaced with a new one | Prepayment penalties if you refinance before your term ends |
| Renewals | Your term is ending | You continue with your lender or switch to another | Compare before you sign; switching at maturity avoids penalties |
| Investment properties | You’re buying or refinancing a rental | A mortgage on a property you rent out | Larger down payments; lenders treat rental income differently |
| Self-employed | You own a business or work on contract | Lenders review your tax assessments and business finances | Written-off expenses can lower qualifying income |
| New to Canada | You’ve recently moved to Canada | Newcomer programs consider more than Canadian credit history | Residency rules and documents; confirm what applies to you |
Your next home starts with one conversation.
Tell us your plans and talk to one licensed mortgage professional. Free, with no obligation.
