Fine Homes in Nine Oh Five
  Re/Max Realty Specialists Inc., Brokerage
Independently Owned and Operated
   
 
betty@bettybart.com
905 828-3434
 
 
 
 
Mortgage Info
 
Mortgage Insurance

Mortgage insurance 101

 www.bettybart.com, mortgagesAccording to information on CMHC’s Web site, mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price.

Mortgage loan insurance helps protect lenders against mortgage default, and enables consumers to purchase homes with as little as 5% down payment — with interest rates comparable to those with a 20% down payment.

www.bettybart.com, mortgagesTo obtain mortgage loan insurance, lenders pay an insurance premium, which is passed on to the homeowner. The premium payable is based on a percentage of the home’s purchase price that is financed by a mortgage. The premium can be paid in a single lump sum or it can be added to the mortgage and included in the homeowner’s monthly payments. Mortgage loan insurance is not to be confused with mortgage life insurance which guarantees that the remaining mortgage will be paid upon the death of the insured.

 

 
 


  © BETTY BARTUSEVICIUS of Re/Max Realty Specialists Inc., Brokerage
Independently Owned and Operated
 
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of service provided by the real estate professionals who are members of CREA. Used under license
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license