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[VirginiaDe]

The CMHC provides first-time home buyer tools and home loan insurance to facilitate responsible high ratio lending. Mortgage agents and brokers convey more flexible qualification criteria than banks. Income, Check Credit Score history, loan-to-value ratio and property valuations are key factors lenders review in mortgage applications. Renewing Mortgages early allow securing better terms ahead maturities yet may incur associated prepayment penalties negative cost-benefits. High-ratio insured mortgages require paying a coverage premium to CMHC or even a private company added onto the house loan amount.