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Lower ratio mortgages allow greater flexibility on terms, payments and prepayment options. Mortgage loan insurance is usually recommended for high ratio mortgages to guard lenders and is paid by borrowers through premiums. Mortgage terms over a few years provide payment stability but reduce prepayment flexibility. Spousal Buyout Mortgages help legally separate couples divide assets such as the matrimonial home. Prepayment privileges allow mortgage holders to pay for down home financing faster by increasing regular payments or making one time payments. Switching lenders often provides monthly interest savings but involves discharge fees and new mortgage setup costs. The Home Buyers Plan allows withdrawing RRSP savings tax-free to get a first home purchase downpayment. Mortgage Judgment Insurance helps buyers with past financial problems get approved despite issues.

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