If the first loan amount is greater than 75 percent of the property's sale price, buyers must pay costly Canada Mortgage and Housing Corporation mortgage insurance (CMHC) to minimize the lender's risk. However, buyers can avoid CMHC Mortgage Insurance with almost no money down by taking out two loans.

Meanwhile, buyers with good credit and incomes often find themselves qualified for a larger mortgage amount than they need. In this case, they should examine their personal saving and spending habits to determine the maximum amount they are willing to pay each month.

Also, a financial expert can help homebuyers to understand reductions in amortization and the benefits they provide.

Moreover, they should find out how much it will cost to liquidate investments to generate a larger down payment.

Finally, buyers may want to consider paying off excessive credit card debt instead of putting down a large amount.