Conventional mortgages are the most common type of mortgage in Regina. These loans are not backed by government insurance and typically require a down payment of at least 20% of the home’s purchase price. Borrowers who make a smaller down payment may need to purchase mortgage insurance. Conventional mortgages can have fixed or variable interest rates, allowing borrowers to choose a plan that best fits their financial situation.

High-ratio mortgages are designed for buyers who cannot make a 20% down payment. These loans require mortgage insurance, which protects lenders in the event of default. With down payments as low as 5%, high-ratio mortgages make homeownership accessible for many first-time buyers in Regina. The Canada Mortgage and Housing Corporation (CMHC) provides mortgage insurance for qualifying borrowers, helping them secure financing more easily.

Various government programs aim to assist homebuyers in Canada. The First-Time Home Buyer Incentive, for example, offers shared equity loans to help first-time buyers afford their homes. Additionally, the CMHC provides mortgage insurance for high-ratio loans, facilitating access to financing for those with lower down payments. These programs are particularly beneficial for buyers who may not have substantial savings.

Homebuyers in Regina can choose between fixed-rate and variable-rate mortgages. Fixed-rate mortgages have interest rates that remain constant throughout the loan term, providing stability and predictability in monthly payments. On the other hand, variable-rate mortgages may fluctuate based on market conditions, which can result in lower initial payments but introduces uncertainty over time.

For existing homeowners, a Home Equity Line of Credit (HELOC) allows borrowing against the equity accumulated in their property. This flexible option is ideal for funding renovations, covering educational expenses, or consolidating higher-interest debts. HELOCs provide homeowners with access to funds while only requiring payments on the drawn amount.