For those wanting to purchase a property, the Canadian housing finance system has made it possible to do so without paying the entire down payment. You are able to get a loan with a 5% down payment on your residence, but will be able to get a 20% interest rate. How is this possible? You are able to get such a great deal because they ..read more
Posts Tagged ‘mortgage life insurance’
How to Understand Adjustable Rate Mortgages
In the old times, most home loans were long term (25 or 30 years at least) mortgages with one fixed rate; but now, the vast majority of mortgages are based in a short term named adjustable rate mortgages (ARMS).
Even standard ARMs have become old fashioned as index based ARMs have developed, allowing borrowers to time their entry into the borrowing market more precisely.
Some of these ..read more
Mortgage Insurance In Canada: Don’t Confuse Your Mortgage Insurance
by Jacqueline J. Poole
When you are in the process of buying a home and obtaining a mortgage, be sure you understand what people are talking about when they talk about mortgage insurance.
There is frequently some confusion among homeowners about the kinds of insurance they are discussing when they are talking to their bank.
Lenders feel they have to protect themselves when a lender has a very ..read more