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Stress testing rules require proving capability to make mortgage payments at a qualifying rate roughly 2% above contract rate. First-time homeowners should research available rebates, tax credits and incentives before house shopping. First-time house buyers have usage of land transfer tax rebates, lower minimum first payment and programs. More rapid repayment through weekly, biweekly or one time payment payments reduces amortization periods and interest costs. Low-ratio mortgages can always require insurance if the price is very high and total loan amount exceeds $1 million. Borrowers may incur fees like discharge penalties and new appraisal or legal costs when refinancing mortgages. First-time homeowners with steadier jobs like government, medicine and technology may more easily be eligible for mortgages. The maximum LTV ratio allowed on CMHC insured mortgages is 95%, permitting deposit as low as 5%.

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